The most recent financial statements for Crosby, Incorporated, appear below. Sales for $2022$ are projected to grow by $20$ 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 $ $766,000$

Costs $622,000$

Other expenses $30,500$

Earnings before interest and taxes $ $113,500$

Interest expense $15,200$

Taxable income $ $98,300$

Taxes $(23\%)22,609$

Net income $ $75,691$

Dividends $ $24,140$

Addition to retained earnings $51,551$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2021$

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?