$2022,$ the California Air Resources Board $($CARB$)$ started planning its "Phase $3"$ requirements for reformulated gasoline $($RFG$).$ RFG is asoline blended to tight specifications designed to reduce pollution from motor vehicles. CARB consulted with refiners, nvironmentalists, and other interested parties to design these specifications. As the outline for the Phase $3$ requirements emerged, efiners realized that substantial capital investments would be required to upgrade California refineries.

issume a refiner is contemplating an investment of $$470$ million to upgrade its California plant. The investment lasts for $32$ years and loes not change raw material and operating costs. The real $($inflation$-$adjusted$)$ cost of capital is $7\%.$

How much extra revenue would be needed each year to recover that cost?

Note: Enter your answer in dollars, not millions, rounded to the nearest whole number.

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