The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. SCOTT, INC. 2019 Income Statement Sales $ 754,000 Costs 610,000 Other expenses 24,500 Earnings before interest and taxes $ 119,500 Interest expense 10,400 Taxable income $ 109,100 Taxes (21%) 22,911 Net income $ 86,189 Dividends $ 32,540 Addition to retained earnings 53,649 SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners Equity Current assets Current liabilities Cash $ 24,340 Accounts payable $ 57,800 Accounts receivable 33,670 Notes payable 14,900 Inventory 70,610 Total $ 72,700 Total $ 128,620 Long-term debt $ 102,000 Owners equity Fixed assets Common stock and paid-in surplus $ 101,000 Net plant and equipment $ 211,000 Retained earnings 63,920 Total $ 164,920 Total assets $ 339,620 Total liabilities and owners equity $ 339,620 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.)