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The most recent financial statements for Crosby, Inc., follow. Sales for 2018 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.

CROSBY, INC. 2017 Income Statement
Sales				$	763,000
Costs					619,000
Other expenses					29,000
Earnings before interest and taxes				$	115,000
Interest paid					14,000
Taxable income				$	101,000
Taxes (25%)					25,250
Net income				$	75,750
Dividends	$	26,240
Addition to retained earnings		49,510

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	25,240		Accounts payable	$	61,400
Accounts receivable		34,660		Notes payable		17,600
Inventory		71,420		Total	$	79,000
Total	$	131,320		Long-term debt	$	111,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	110,000
Net plant and equipment	$	220,000		Retained earnings		51,320
				Total	$	161,320
Total assets	$	351,320		Total liabilities and owners equity	$	351,320

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.)

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