Frank indusrties is planning its operations for next year, and Merle Smith, the CEO, wants you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are show below. Based on the AFN equation, what is the AFN for the coming year? Dollars are in millions.

Last years sales = S₀ $700 Last years accounts payable $80

Sales growth rate = g 30% Last years notes payable $100

Last years total assets = A₀* $1000 Last years accruals $60

Last years profit margin = PM 5% Target payout ratio 60%