Balance sheet and income statement data indicate the following:

Bonds payable, 10% (due in two years)	$980,000
Preferred 5% stock, $100 par (no change during year)	268,200
Common stock, $50 par (no change during year)	1,527,200
Income before income tax for year	346,357
Income tax for year	86,926
Common dividends paid	76,360
Preferred dividends paid	13,410
Interest expense	98,000

Based on the data presented, what is the times interest earned ratio? Round your answer to two decimal places.

Select the correct answer.

4.53

0.35

2.53

2.83