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 $ 770,000 Costs 626,000 Other expenses 32,500 Earnings before interest and taxes $ 111,500 Interest expense 16,800 Taxable income $ 94,700 Taxes (22%) 20,834 Net income $ 73,866 Dividends $ 21,340 Addition to retained earnings 52,526 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Liabilities and Owners Equity Current assets Current liabilities Cash $ 25,940 Accounts payable $ 64,200 Accounts receivable 35,430 Notes payable 19,700 Inventory 72,050 Total $ 83,900 Total $ 133,420 Long-term debt $ 118,000 Owners equity Fixed assets Common stock and paid-in surplus $ 117,000 Net plant and equipment $ 227,000 Retained earnings 41,520 Total $ 158,520 Total assets $ 360,420 Total liabilities and owners equity $ 360,420 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.)