Business
Business, 08.07.2019 22:30, s237200

The morris corporation has $350,000 of debt outstanding, and it pays an interest rate of 12% annually. morris's annual sales are $1.75 million, its average tax rate is 40%, and its net profit margin on sales is 3%. if the company does not maintain a tie ratio of at least 3 to 1, then 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.

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