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The Morrit Corporation has $900,000 of debt outstanding, and it pays an interest rate of 8% annually. Morrit's annual sales are $6 milion, 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 6 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