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Cayman Auto has $600,000 of debt outstanding, and it pays an interest rate of 8% annually: Cayman Auto's annual sales are $3 million, its average

Cayman Auto has $600,000 of debt outstanding, and it pays an interest rate of 8% annually: Cayman Auto's annual sales are $3 million, its average tax rate is 25%, and its net profit margin is 3%. If the company does not maintain a TIE ratio of at least 5 times, its bank will refuse to renew the loan, and bankruptcy will result. What is Cayman Auto's TIE ratio?

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