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				$	761,000
Costs					617,000
Other expenses					28,000
Earnings before interest and taxes				$	116,000
Interest paid					13,200
Taxable income				$	102,800
Taxes (23%)					23,644
Net income				$	79,156
Dividends	$	27,640
Addition to retained earnings		51,516

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	25,040		Accounts payable	$	60,600
Accounts receivable		34,440		Notes payable		17,000
Inventory		71,240		Total	$	77,600
Total	$	130,720		Long-term debt	$	109,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	108,000
Net plant and equipment	$	218,000		Retained earnings		54,120
				Total	$	162,120
Total assets	$	348,720		Total liabilities and owners equity	$	348,720

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.)