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		$ 759,000
Costs		615,000
Other expenses		27,000
Earnings before interest and taxes		$ 117,000
Interest paid		12,400
Taxable income		$ 104,600
Taxes (21%)		21,966
Net income		$ 82,634
Dividends	$ 29,040
Addition to retained earnings	53,594

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 24,840	Accounts payable	$ 59,800
Accounts receivable	34,220	Notes payable	16,400
Inventory	71,060	Total	$ 76,200
Total	$ 130,120	Long-term debt	$ 107,000
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 106,000
Net plant and equipment	$ 216,000	Retained earnings	56,920
		Total	$ 162,920
Total assets	$ 346,120	Total liabilities and owners equity	$ 346,120

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.)