The condensed balance sheet and income statement for Marjoram Company are presented below.

MARJORAM COMPANY
Balance Sheet
At December 31, 2021
Cash	$	25,500
Notes receivable (due August 15, 2022)		42,000
Accounts receivable (net)		51,000
Merchandise inventory		74,500
Property, plant, and equipment (net)		315,000
Intangible assets		15,000
Total assets	$	523,000
Current liabilities	$	120,400
Bonds payable(10%) (long-term)		110,000
Common stock		61,000
Retained earnings		231,600
Total liabilities and equity	$	523,000

MARJORAM COMPANY
Income Statement
For the Year ended December 31, 2021
Sales	$	899,000
Cost of goods sold		487,400
Gross profit	$	411,600
Operating expenses		181,800
Operating income	$	229,800
Interest expense		11,000
Income before income tax	$	218,800
Income tax expense		65,640
Net income	$	153,160

Required: Compute the times interest earned ratio for Marjoram Company. (Round your answer to 2 decimal places.)