A government department's budget was £240 million in 2022/23. It received a 5% increase for 2023/24, but then faced a 3% real-terms cut for 2024/25. What was the department's budget for 2024/25?
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A
£244.44 million
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B
£244.78 million
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C
£252.00 million
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D
£247.80 million