QUESTION 7 Driver Enterprises just reported earnings before interest and taxes (EBIT) of $51,861 and interest expense of $3,874. Included in its operating expenses were lease expenses of $14,592. On its balance sheet it also reported $25,809 as the present value of the lease obligations based on the lease payment data provided in its footnotes. Calculate the fixed charge coverage ratio after incorporating the valuation of the lease obligations. Assume the appropriate discount rate for valuing the leases is 4%. Present your answer rounded to two decimal places, e.g., 20.00