The most recent financial statements for Fleury Inc., follow. Sales for 2012 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.

FLEURY, INC. 2011 Income Statement
Sales				$	743,000
Costs					578,000
Other expenses					15,200
Earnings before interest and taxes				$	149,800
Interest paid					11,200
Taxable income				$	138,600
Taxes (35%)					48,510
Net income				$	90,090
Dividends	$	27,027
Addition to retained earnings		63,063

FLEURY, INC. Balance Sheet as of December 31, 2011
Assets		Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	20,240		Accounts payable	$	54,400
Accounts receivable		32,560		Notes payable		13,600
Inventory	69,520	Total	$	68,000
Total	$	122,320		Long-term debt	$	126,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	112,000
Net plant and equipment	$	330,400		Retained earnings		146,720
				Total	$	258,720
Total assets	$	452,720		Total liabilities and owners equity	$	452,720

What is the EFN if the firm wishes to keep its debt-equity ratio constant? Show all work and formulas