The most recent financial statements for Crosby, Incorporated, follow. Sales for $2021$ are projected to grow by $25$ 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 $ $770,000$

Costs $626,000$

Other expenses $32,500$

Earnings before interest and taxes $ $111,500$

Interest paid $16,800$

Taxable income $ $94,700$

Taxes $(22\%)20,834$

Net income $ $73,866$

Dividends $ $21,340$

Addition to retained earnings $52,526$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2020$

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ $25,940$ Accounts payable $ $64,200$

Accounts receivable $35,430$ Notes payable $19,700$

Inventory $72,050$ Total $ $83,900$

Total $ $133,420$ Long$-$term debt $ $118,000$

Owners$$ equity

Fixed assets Common stock and paid$-$in surplus $ $117,000$

Net plant and equipment $ $227,000$ Retained earnings $41,520$

Total $ $158,520$

Total assets $ $360,420$ Total liabilities and owners$$ equity $ $360,420$

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$.,32.)$