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Times$-$Interest$-$Earned Ratio

The Morrit Corporation has $$1,020,000$ of debt outstanding, and it pays an interest rate of $9\%$ annually. Morrit's annual sales are $$6$ million, its average tax rate is $25\%,$ and its net

profit margin on sales is $5\%.$ If the company does not maintain a TIE ratio of at least $3$ to $1,$ then its bank will refuse to renew the loan, and bankruptcy will result. What is Morrit's

TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.