The most recent financial statements for Crosby, Incorporated, appear below. Sales for $2022$ are projected to grow by $25$ 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 $ $761,000$

Costs $617,000$

Other expenses $28,000$

Earnings before interest and taxes $ $116,000$

Interest expense $13,200$

Taxable income $ $102,800$

Taxes $(23\%)23,644$

Net income $ $79,156$

Dividends $ $27,640$

Addition to retained earnings $51,516$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2021$

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