The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to grow by 30 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 $ 765,000 621,000 30,000 Costs Other expenses $ 114,000 Earnings before interest and taxes Interest paid 14,800 Taxable income Taxes (22%) $ 99,200 21,824 Net income $ 77,376 Dividends Addition to retained earnings $ 24,840 52,536 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 25,440 Accounts payable Accounts receivable 34,880 Notes payable $ 62,200 18,200 Inventory 71,600 Total $ 80,400 Total $ 131,920 Long-term debt $ 113,000 Fixed assets Owners' equity Common stock and paid-in surplus Retained earnings $ 112,000 Net plant and equipment $ 222,000 48,520 Total $ 160,520 Total assets $ 353,920 Total liabilities and owners' equity $ 353,920 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.)