Times$-$Interest$-$Earned Ratio The Morrit Corporation has $\backslash (\backslash$$ $600,000\backslash )$ of debt outstanding, and it pays an interest rate of $\backslash (8\backslash \%\backslash )$ annually. Mornt's annual sales are $\backslash (\backslash$$ $3\backslash )$ million, its average tax rat $\backslash (25\backslash \%\backslash ),$ and its net profit margin on sales is $\backslash (3\backslash \%\backslash ).$ If the company does not maintain a TIE ratio of at least $5$ to $1,$ then its bank will refuse to renew the loan, and bankruptcy will result. What is Mornt's TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.