The Morris Corporation has $600,000 of debt outstanding, and it pays an interest rate of

8% annually. Morriss annual sales are $3 million, its average tax rate is 40%, and its net

profit margin on sales is 3%. If the company does not maintain a TIE ratio of at least 5 to 1,

then its bank will refuse to renew the loan and bankruptcy will result. What is Morriss

TIE ratio?

MUST BE DONE IN EXCEL FORMAT