The Wellington Corporation has $750,000 of debt outstanding, and it pays an interest rate of 10 percent annually. Wellington's annual sales are $3 million, its average tax rate is 25 percent, and its net profit margin on sales is 5 percent. If the company does not maintain a TIE ratio of at least 4 times, its bank will refuse to renew the loan, and bankruptcy will result. What is Wellington's TIE ratio?