The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 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.

MOOSE TOURS, INC. 2015 Income Statement
Sales				$	751,000
Costs					586,000
Other expenses					22,000
Earnings before interest and taxes				$	143,000
Interest expense					18,000
Taxable income				$	125,000
Taxes (35%)					43,750
Net income				$	81,250
Dividends	$	30,000
Addition to retained earnings		51,250

MOOSE TOURS, INC. Balance Sheet as of December 31, 2015
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	21,040		Accounts payable	$	55,200
Accounts receivable		33,360		Notes payable		14,400
Inventory		70,320
				Total	$	69,600
Total	$	124,720		Long-term debt	$	134,000
Fixed assets				Owners equity
Net plant and equipment	$	240,000		Common stock and paid-in surplus	$	120,000
				Retained earnings		41,120
				Total	$	161,120
Total assets	$	364,720		Total liabilities and owners equity	$	364,720

What is the EFN if the firm wishes to keep its debtequity ratio constant? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)