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				$	766,000
Costs					622,000
Other expenses					30,500
Earnings before interest and taxes				$	113,500
Interest paid					15,200
Taxable income				$	98,300
Taxes (23%)					22,609
Net income				$	75,691
Dividends	$	24,140
Addition to retained earnings		51,551

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	25,540		Accounts payable	$	62,600
Accounts receivable		34,990		Notes payable		18,500
Inventory		71,690		Total	$	81,100
Total	$	132,220		Long-term debt	$	114,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	113,000
Net plant and equipment	$	223,000		Retained earnings		47,120
				Total	$	160,120
Total assets	$	355,220		Total liabilities and owners equity	$	355,220

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.)