The most recent financial statements for Retro Machine, Inc., 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.

RETRO MACHINE, INC. 2020 Income Statement
Sales				$	764,000
Costs					620,000
Other expenses					29,500
Earnings before interest and taxes				$	114,500
Interest paid					14,400
Taxable income				$	100,100
Taxes (21%)					21,021
Net income				$	79,079
Dividends	$	25,540
Addition to retained earnings		53,539

RETRO MACHINE, INC. Balance Sheet as of December 31, 2020
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	25,340		Accounts payable	$	61,800
Accounts receivable		34,770		Notes payable		17,900
Inventory		71,510		Total	$	79,700
Total	$	131,620		Long-term debt	$	112,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	111,000
Net plant and equipment	$	221,000		Retained earnings		49,920
				Total	$	160,920
Total assets	$	352,620		Total liabilities and owners equity	$	352,620

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 dollar amount, e.g., 32.)