A firm operating at full capacity is planning its operations for next year. Data for use in the forecast are shown below. Based on the AFN equation, what is the estimate of the required amount of additional funding required for next year?

Last year's sales S0= $700

Sales growth rate g = 30%

Last year's total assets A0= $1,000

Last year's profit margin M = 5%

Last year's accounts payable = $80

Last year's notes payable to bank = $100 Last year's accruals = $60

Target payout ratio = 60%

a. $205.60

b. $216.40

c. $227.80

d. $239.80