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 $ 773,000 Costs 629,000 Other expenses 34,000 Earnings before interest and taxes $ 110,000 Interest paid 18,000 Taxable income $ 92,000 Taxes (25%) 23,000 Net income $ 69,000 Dividends $ 19,240 Addition to retained earnings 49,760 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Liabilities and Owners Equity Current assets Current liabilities Cash $ 26,240 Accounts payable $ 65,400 Accounts receivable 35,760 Notes payable 20,600 Inventory 72,320 Total $ 86,000 Total $ 134,320 Long-term debt $ 121,000 Owners equity Fixed assets Common stock and paid-in surplus $ 120,000 Net plant and equipment $ 230,000 Retained earnings 37,320 Total $ 157,320 Total assets $ 364,320 Total liabilities and owners equity $ 364,320 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.)