Big Test Inc. had sales last year of $100mm. Sales are expected to grow 20% next year. To support the new sales level, the production manager has indicated that fixed assets will need to increase by $30mm. Last year's balance sheet showed the following:

• Current assets = $20mm
• Fixed assets = $90mm
• Accounts Payable = $10mm
• Notes Payable = $20mm
• Long-term Liabilities = $30mm
• Common Stock = $20mm
• Retained Earnings = $30mm

Assuming net margin will be 9% and that the dividend payout ratio will be 40%, what is the firm's DFN?

• $29.60mm
• $27.68mm
• $25.52mm
• $26.96mm