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				$	746,000
Costs					581,000
Other expenses					17,000
Earnings before interest and taxes				$	148,000
Interest paid					14,000
Taxable income				$	134,000
Taxes (40%)					53,600
Net income				$	80,400
Dividends	$	21,440
Addition to retained earnings		58,960

FLEURY, INC. Balance Sheet as of December 31, 2011
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	20,540		Accounts payable	$	54,700
Accounts receivable		32,860		Notes payable		13,900
Inventory		69,820		Total	$	68,600
Total	$	123,220		Long-term debt	$	129,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	115,000
Net plant and equipment	$	330,000		Retained earnings		140,620
				Total	$	255,620
Total assets	$	453,220		Total liabilities and owners equity	$	453,220

What is the EFN if the firm wishes to keep its debt-equity ratio constant? (Do not round intermediate calculations.)