The Morris Corporation has $700,000 of debt outstanding, and it pays an interest rate of 8% annually. Morris's annual sales are $3.5 million, its average tax rate is 30%, and its net profit margin on sales is 4%. If the company does not maintain a TIE ratio of at least 3 to 1, its bank will refuse to renew the loan and bankruptcy will result. What is Morris's TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.