Times Interest-Earned Ratio The Morris Corporation ha dollar 400,000 of debt outstanding, and it pays an interest rate of 8 percentage an annually, Morris's annual sales are dollar 2 million, its average tax rate is 30 percentage, and its net profit margin on sales is 7 percentage. lf the company does not maintain a TIE ratio of at least 6 to 1, then its bank will refuse to renew the loan and bankruptcy will result. What is Morris's TIE ratio? Round intermediate calculations to two decimal places.