In $2022,$ the California Air Resources Board $($CARB$)$ started planning its "Phase $3"$

requirements for reformulated gasoline $($RFG$).$ RFG is gasoline blended to tight

specifications designed to reduce pollution from motor vehicles. CARB consulted

with refiners, environmentalists, and other interested parties to design these

specifications. As the outline for the Phase $3$ requirements emerged, refiners

realized that substantial capital investments would be required to upgrade California

refineries.

Assume a refiner is contemplating an investment of $$390$ million to upgrade its

California plant. The investment lasts for $21$ years and does not change raw material

and operating costs. The real $($inflation$-$adjusted$)$ cost of capital is $11\%.$

How much extra revenue would be needed each year to recover that cost?

Note: Enter your answer in dollars, not millions, rounded to the nearest whole

number.

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