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The Morrit Corporation has $540,000 of debt outstanding, and it pays an interest rate of 8% annually. Morritt annual sales are $3 million, its average

The Morrit Corporation has $540,000 of debt outstanding, and it pays an interest rate of 8% annually. Morritt annual sales are $3 million, its average tax rate is 25%, and its net profit margin on sales is 6%. What is Morritts TIE ratio? Do not round immediate calculations. Round your answer to two decimal places.

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