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				$	772,000
Costs					628,000
Other expenses					33,500
Earnings before interest and taxes				$	110,500
Interest paid					17,600
Taxable income				$	92,900
Taxes (24%)					22,296
Net income				$	70,604
Dividends	$	19,940
Addition to retained earnings		50,664

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	26,140		Accounts payable	$	65,000
Accounts receivable		35,650		Notes payable		20,300
Inventory		72,230		Total	$	85,300
Total	$	134,020		Long-term debt	$	120,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	119,000
Net plant and equipment	$	229,000		Retained earnings		38,720
				Total	$	157,720
Total assets	$	363,020		Total liabilities and owners equity	$	363,020

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.)