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Bardle Tom's Company is planning its operations for next year, and as its CFO, you will need to forecast the company s additional funds needed

Bardle Tom's Company is planning its operations for next year, and as its CFO, you will need to forecast the companys additional funds needed (AFN) based on the following data. Dollars are in millions.
Last years sales = $196 Last years accounts payable = $43
Sales growth rate =25% Last years notes payable = $80
Last years total assets = $485 Last years accruals = $35
Last years profit margin =6.59% Target payout ratio =65%
Your company is operating at full capacity. Based on the AFN formula and the Percentage of Sales method, what is the AFN for the coming year? Round your answer to two decimal places of dollar, but ignore dollar and millions, e.g., xxx.xx.(Hint: Use the AFN General Formula in Financial Forecasting.)

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