1. Use only the information outlined below ($ in millions):

Beginning of Period (BOP) Cash Balance as of January 1, 2020: $150

Gross Margin: 34%

Operating Profit: $100

Operating Margin: 20%

Capital Expenditures: 5% of Revenues

Depreciation: 4% of Revenues

Tax Rate = 25%

Dividend Payout Ratio of 30%

Change in Net Working Capital: $21

New Term Loan: $60

• closed and funded on October 1, 2020
• semiannual equal principal payments of $5.0 payable on each March 31st and September 30th
• interest rate is 5%; interest payments due last day of each quarter
• 1% Origination Fee paid to Arranging Bank on closing
• Proceeds used to refinance a oneyear bank loan of $50 that matured (interest rate was 6%, payable quarterly) and partially fund 2020 CapEx

What is End of Period (EOP) Cash Balance on December 31, 2020?