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				$	769,000
Costs					625,000
Other expenses					32,000
Earnings before interest and taxes				$	112,000
Interest paid					16,400
Taxable income				$	95,600
Taxes (21%)					20,076
Net income				$	75,524
Dividends	$	22,040
Addition to retained earnings		53,484

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	25,840		Accounts payable	$	63,800
Accounts receivable		35,320		Notes payable		19,400
Inventory		71,960		Total	$	83,200
Total	$	133,120		Long-term debt	$	117,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	116,000
Net plant and equipment	$	226,000		Retained earnings		42,920
				Total	$	158,920
Total assets	$	359,120		Total liabilities and owners equity	$	359,120

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.)