MK is a builder and will complete one construction for its customer. It has 10 months to complete the building. The total contract price is $182 million. It is estimated that MK will make a profit of 25% of the contract value. Labour costs and material costs are expected to be 65% and 35% of the construction costs, respectively. As this is a relatively straightforward project for MK, it is safe to assume that construction progress will be spread evenly over the life of the project.

Interim payment certificates will be issued at the end of each month, and the corresponding payments received from its customer will occur two months after the issue of the progress certificate.

At the beginning of the project, the retention fund of MK should have 10% of the total contract value. Additionally, MK has to set up a retention fund which will require retentions at the rate of 8% of the monthly payments. As a well-established construction company, MK expects no difficulties in obtaining two-month credit terms from the suppliers of the necessary construction materials.

As an additional safety factor, add 20% to this minimum finance required, as some long-range weather forecasters expect increased rain over the upcoming year(in a conservative way). The banks policy requires that MK should provide at least 60% of the total cash requirements (as its own equity) for projects like this. Whats the maximum loan amount that the bank will grant to MK?

(Keep 2 decimals, and the unit is million. If your solution is $1.256 million, only input 1.26 into the solution box.)