A Firm Had Year-End Retained Earnings of $64,100,000

A firm had year-end retained earnings of $64,100,000. It forecasts net income for the coming year to be $9,400,000. If it plans to pay out 40% of its net income as dividends, what is the estimated balance in retained earnings at the end of the coming year?

A) $53,500,000
B) $61,140,000
C) $67,860,000
D) $73,500,000
E) $69,740,000