Solve the problem using an easy to understand approach

41. ER has 5m $1 shares in issue and 50000 6% coupon bonds with a par value of $100. ER made an operating profit of $850000 last year. ER's directors are contemplating issuing $1m of 4% coupon bonds. What will be the interest cover to 2 decimal places if the new bonds are issued, assuming operating profit remains constant? *