The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 25 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				$	755,000
Costs					611,000
Other expenses					25,000
Earnings before interest and taxes				$	119,000
Interest paid					10,800
Taxable income				$	108,200
Taxes (22%)					23,804
Net income				$	84,396
Dividends	$	31,840
Addition to retained earnings		52,556

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	24,440		Accounts payable	$	58,200
Accounts receivable		33,780		Notes payable		15,200
Inventory		70,700		Total	$	73,400
Total	$	128,920		Long-term debt	$	103,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	102,000
Net plant and equipment	$	212,000		Retained earnings		62,520
				Total	$	164,520
Total assets	$	340,920		Total liabilities and owners equity	$	340,920

What is the EFN if the firm wishes to keep its debt-equity ratio constant? (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.)