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Balance sheet and income statement data indicate the following:

Bonds payable, 9% (due in 15 years)	$1,339,046
Preferred 8% stock, $100 par
(no change during the year)	200,000
Common stock, $50 par
(no change during the year)	1,000,000
Income before income tax for year	368,238
Income tax for year	110,471
Common dividends paid	60,000
Preferred dividends paid	16,000

Based on the data presented, what is the times interest earned ratio (round to two decimal places)?

a. 2.14

b. 4.06

c. 3.06

d. 1.14