9. Problem 3-10 (Times-Interest-Earned Ratio) Times-Interest-Earned Ratio The Morrit Corporation has $1,020,000 of debt outetanding, and it pays an interest rate of g96 annually, Morrit's annual sales are $6 million, its average tax rate is 25%, and its net profit margin on sales is 7%. If the company does not maintain o TIE ratio of at least 6 to I, then its bank will refuse to renew the loan, and bankruptey will result. What is Morrit's TIE ratio? Do not round intermedlete calculations. Round your answer to two decimal places