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		$ 686,530
Costs		554,420
Other expenses		14,020
Earnings before interest and taxes		$ 118,090
Interest paid		12,090
Taxable income		$ 106,000
Taxes (21%)		22,260
Net income		$ 83,740
Dividends	$ 27,475
Addition to retained earnings	56,265

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 20,940	Accounts payable	$ 53,790
Accounts receivable	31,970	Notes payable	13,215
Inventory	71,320	Total	$ 67,005
Total	$ 124,230	Long-term debt	$ 127,500
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 105,000
Net plant and equipment	$ 341,980	Retained earnings	166,705
		Total	$ 271,705
Total assets	$ 466,210	Total liabilities and owners equity	$ 466,210

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