Balance sheet and income statement data indicate the following:

Line Item Description	Amount
Bonds payable, 8% (due in 15 years)	$1,480,000
Income before income tax for year	400,000
Income tax for year	120,000
Interest payable	33,000
Interest receivable	19,000

Assuming bond interest is the only interest expense and there is no bond premium or discount, what is the times interest earned ratio? (Round to two decimal places.)

a. 2.36

b. 4.38

c. 1.36

d. 3.38