ABC Company has the following balance sheet and income statement data at December 31st, 2019:

Bonds Payable, 8% ( contractual rate and market rate )

maturity date December 31st, 2023$1,200,000

$8 Preferred Shares ( no change during the year )200,000

Common Shares ( no change during the year )1,000,000

Profit before income tax expense for the year320,000

Income tax expense for the year80,000

Common share dividends paid during the year60,000

Preferred share dividends paid during the year16,000

Based on the above data, what is the interest coverage ratio at December 31st, 2019 ( round to two decimal places )?

A) 5.67

B) 4.33

C) 3.50

D) 3.24