Clayton Industries is planning its operations for next year. Omar Clayton, the CEO, wants you to forecast the firm's additional funds needed (AFN). Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Dollars are in millions. Do not round intermediate calculations.

Last year's sales = S0	$590		Last yr's accounts payable	$55
Sales growth rate = g	20%		Last yr's notes payable	$55
Last year's total assets = A0	$620		Last yr's accruals	$45
Last year's prof margin = PM	10%		Target payout ratio	55%

a. $61.1 million

b. $72.1 million

c. $54.8 million

d. $65.1 million

e. $77.5 million