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Times$-$Interest$-$Earned Ratio

The Morrit Corporation has $$1,140,000$ of debt outstanding, and it pays an interest rate of $8\%$ annually. Morrit's annual sales are $$6$ million, its average tax rate is $25\%,$ and its net profit margin on sales is $3\%.$ If the company does not maintain a TIE ratio of at least $5$ 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.

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