The Morris Corporation has $850,000 of debt outstanding, and it pays an interest rate of 11% annually. Morris's annual sales are $4.25 million, its average tax rate is 40%, and its net profit margin on sales is 4%. If the company does not maintain a TIE ratio of at least 6 to 1, 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.