Jon & Margaret Ltd. had the following financial data for the year ended 31 March 2020:

Cash and cash equivalents at 1 April 2019 94m

CAPEX 150m

Dividends declared 2.4m

Net profit 34m

Share issue 66m

Increase in trade receivables 24m

Depreciation/amortisation 7m

Proceeds from disposal of PPE 12m

Gain on disposal of PPE 1m

Based on the above, what is the balance of Cash and cash equivalents at 31 March 2020?

38m

58.4m

39m

56m