The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

CROSBY, INC. 2017 Income Statement
Sales				$	980,760
Costs					792,960
Other expenses					20,060
Earnings before interest and taxes				$	167,740
Interest paid					14,740
Taxable income				$	153,000
Taxes (21%)					32,130
Net income				$	120,870
Dividends	$	39,250
Addition to retained earnings		81,620

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	27,920		Accounts payable	$	71,720
Accounts receivable		42,630		Notes payable		17,620
Inventory		95,910		Total	$	89,340
Total	$	166,460		Long-term debt	$	170,000
Fixed assets				Owners equity
Net plant and equipment	$	455,980		Common stock and paid-in surplus	$	140,000
				Retained earnings		223,100
				Total	$	363,100
Total assets	$	622,440		Total liabilities and owners equity	$	622,440

What is the EFN if the firm was operating at only 80 percent of capacity in 2017? Assume that fixed assets are sold so that the company has a 100 percent asset utilization.