The Morrit Corporation has $1,080,000 of debt outstanding, and it pays an interest rate of 8% annually. Morrit's annual sales are $6 minilion, its avarage tax rate is 25% and its net profit margin on sales is 5%. If the company does not maintain-a TJE ratio of at least 6 to 1 , then its bank will refure to renew the loan, and bankrugtcy wil result. What is Morrit's TIE ratio?.Do not round intermediate calculations, Round your answer to two decimal places