Calculating the Times-Interest-Earned Ratio

Mauka, Inc. provided the following income statement for last year:

Sales	$24,350,735
Cost of goods sold	15,300,000
Gross margin	$9,050,735
Operating expenses	4,910,685
Operating income	$4,140,050
Interest expense	482,015
Income before taxes	$3,658,035
Income taxes	1,461,214
Net income	$2,196,821

Required:

Calculate the times-interest-earned ratio. Round the answer to one decimal place. times