Question: Back to Assignment Attempts Keep the Highest/1 9. Problem 3-10 (Times Interest-Earned Ratio) ebook Times Interest-Earned Ratio The Morrit Corporation has $1,300,000 of debt outstanding,

Back to Assignment Attempts Keep the Highest/1 9. Problem 3-10 (Times Interest-Earned Ratio) ebook Times Interest-Earned Ratio The Morrit Corporation has $1,300,000 of debt outstanding, and it pays an interest rate of 8% annually. Morrie's annual sales are $6 million, its average tax rate is 25%, and its net profit margin on sales is 3%. If the company does not maintain a The ratio of at least 4 to 1, then its bank will refuse to renew the loan, and bankruptcy will result. What is Morie's Tit ratio? Do not round Intermediate calculations, Round your answer to two decimal places Grade It Now Save & Continue Continue without saving

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