QUESTION 11

Reviewing the income statement and cash flow statement from KRJ Enterprises, you find the following items: Net income of $784 million, interest expense of $113 million, tax expense of $399 million, cash flow from operations of $795 million, interest paid of $121 million, and taxes paid of $262 million. Calculate the cash interest coverage for the company. Present your answer rounded to two decimal places. e.g. 20.00.