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MMC Industries is planning its operations for next year, and the CEO has hired you to forecast the firm's additional funds needed (AFN). The firm

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MMC Industries is planning its operations for next year, and the CEO has hired you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are shown below. Last year's sales = $575m Last year's accounts payable = $115m (This account changes spontaneously with sales) Sales growth rate = 3% Last year's notes payable = $80m (This account does not change spontaneously with sales) Last year's total assets = $820m (Total assets change spontaneously with sales) Last year's profit margin = 5% Target dividend payout ratio = 40% What is the AFN for the coming year

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