The most recent financial statements for Crosby, Incorporated, appear below. Sales for $2022$ are projected to grow by $30$ percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

CROSBY, INCORPORATED

$2021$ Income Statement

Sales $ $768,000$

Costs $624,000$

Other expenses $31,500$

Earnings before interest and taxes $ $112,500$

Interest expense $16,000$

Taxable income $ $96,500$

Taxes $(25\%)24,125$

Net income $ $72,375$

Dividends $ $22,740$

Addition to retained earnings $49,635$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2021$

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ $25,740$ Accounts payable $ $63,400$

Accounts receivable $35,210$ Notes payable $19,100$

Inventory $71,870$ Total $ $82,500$

Total $ $132,820$ Long$-$term debt $ $116,000$

Owners$$ equity

Fixed assets Common stock and paid$-$in surplus $ $115,000$

Net plant and equipment $ $225,000$ Retained earnings $44,320$

Total $ $159,320$

Total assets $ $357,820$ Total liabilities and owners$$ equity $ $357,820$

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 number, e$.$g$.,32.)$