Question: Attempts Keep the Highest 9. Problem 3-10 (Times Interest Earned Ratio) elook Times Interest Earned Ratio The Morrit Corporation has $600,000 of debt outstanding, and

Attempts Keep the Highest 9. Problem 3-10 (Times Interest Earned Ratio) elook Times Interest Earned Ratio The Morrit Corporation has $600,000 of debt outstanding, and it pays an interest rate of annually. Morri's annual sales ar 3 million, its average tax rate is 25% and its net profit margin on sales is if the company does not maintain a TIE ratio of at least 4 to, then its bank will refuse to renew the loan, and bankruptcy will result. What is Morris TIE ratio? Do not round intermediate calculations, Round your answer to two decimal places

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