Balance sheet and income statement data indicate the following: Bonds payable, 6% (this is Year 4 of 20 years) $1,000,000 Preferred 8% stock. $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 340,000 Income tax for year 80,000 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented above, what is the times interest earned ratio (round to two decimal places)