The Morris Corporation has $650,000 of debt outstanding, and it pays an interest rate of 9% annually. Morris's annual sales are $2.6 million, its average tax rate is 35%, and its net profit margin on sales is 3%. If the company does not maintain a TIE ratio of at least 6 to 1, then its bank will refuse to renew the loan, and bankruptcy will result. What is Morris's TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.