The most recent financial statements for Crosby, Incorporated, follow. Sales for 2024 are projected to grow by 20 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, INCORPORATED
2023 Income Statement
Sales		$ 769,000
Costs		625,000
Other expenses		32,000
Earnings before interest and taxes		$ 112,000
Interest paid		16,400
Taxable income		$ 95,600
Taxes (21%)		20,076
Net income		$ 75,524
Dividends	$ 22,040
Addition to retained earnings	53,484

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2023
Assets	Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 25,840	Accounts payable	$ 63,800
Accounts receivable	35,320	Notes payable	19,400
Inventory	71,960	Total	$ 83,200
Total	$ 133,120	Long-term debt	$ 117,000
Fixed assets		Owners equity
Net plant and equipment	$ 226,000	Common stock and paid-in surplus	$ 116,000
		Accumulated retained earnings	42,920
		Total	$ 158,920
Total assets	$ 359,120	Total liabilities and owners equity	$ 359,120

What is the EFN if the firm wishes to keep its debt-equity ratio constant?

Note: Do not round intermediate calculations and round your answer to the nearest whole dollar, e.g., 32.