Daniel Sawyer the CEO of the Sawyer Group is initiating planning for the companys operations next year, and he wants you to forecast the firms additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are shown below. Based on the AFN equation ehat id the AFN for the coming year?

Last years dales=S0 $350

Sales growth rate=g 30%

Last years total assets=A0* $460

Last years profit margin=PM 5%

Last years accounts payable $40

Last years noted payable $50

Last years accrual $30

Target payout ratio 60%

a 107.9

b 112.3

c 114.5

d 105.7

e 110.1