The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 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 2020 Income Statement Sales 760,000 Costs 616,000 Other expenses 27,500 Earnings before interest and $116,500 taxes Interest paid 12,800 Taxable income $103,700 Taxes (22%) Net income Dividends Addition to retained earnings $ 28,340 52,546 22,814 $ 80,886 Assets CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Liabilities and Owners' Equity Current assets Cash Accounts receivable Current liabilities $ 24,940 Accounts payable $ 60,200 34,330 Notes payable 16,700 Inventory Total 71,150 Total $ 76,900 $ 130,420 Long-term debt $ 108,000 Owners' equity Common stock and paid-in Fixed assets $ 107,000 surplus Net plant and equipment $217,000 Retained earnings 55,520 Total $162,520 Total assets $ 347,420 Total liabilities and owners' equity $347,420 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.)