MPI Incorporated has $$4$ billion in assets, and its tax rate is $35\%.$ Its basic earning power $($BEP$)$ ratio is $12\%,$ and its return on assets $($ROA$)$ is $5\%.$ The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

Open spreadsheet

What is MPI's times$-$interest$-$earned $($TIE$)$ ratio? Round your answer to two decimal places.