Times-Interest-Earned Ratio The Morrit Corporation has $600,000 of debt outstanding, and it pays an interest rate of 8% annually. Mornt's annual sales are $3 million, its average tax rat 25%, and its net profit margin on sales is 4%. 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