Times-Interest-Earned Ratio The Morrit Corporation has $960,000 of debt outstanding, and it pays an interest rate of 11% annuolly. Morrit's annual sales are $6 million, its average tax rate is 25%, and its net profit margin on sales is 4%. If the company does not maintain a TIE ratio of at least 6 to 1 , then its bank will refuse to renew the Ioan, and bankruptcy will result. What is Morrit's TIE ratio? Do not round intermediate calculations, Round your answer to two decimal places