Problem 4-11 Times Interest Earned (LO3)

In the past year, TVG had revenues of $2.99 million, cost of goods sold of $2.49 million, and depreciation expense of $89,300. The firm has a single issue of debt outstanding with book value of $1.11 million on which it pays an interest rate of 10%. What is the firms times interest earned ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)