Question: Question 7 10 Points Driver Enterprises just reported earnings before interest and taxes (EBIT) of $489 million and interest expense of $49 million. Included among

Question 7 10 Points Driver Enterprises just reported earnings before interest and taxes (EBIT) of $489 million and interest expense of $49 million. Included among its reported operating expenses were lease rental expenses of $156 million. Using footnote data and a discount rate of 8% you have determined the present value of the company's future lease obligations to be $519 million. When calculating coverage ratios and similar measures, by how much (in $ million, rounded to one decimal place, e.g., $12.3) was interest expense underreported on the income statement by not separately accounting for the financing charges embedded within the lease payments?

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