the morrit corporation has $1,020,000 of debt outstanding, and it pays an interest rate of 9% annually. morrit's annual sales are $6 million, its average tax rate is 25%, and its net profit margin on sales is 4%. if the company does not maintain a tie ratio of at least 4 to 1, then its bank will refuse to renew the loan, and bankruptcy will result. what is morrit's tie ratio? do not round intermediate calculations. round your answer to two decimal places.