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What is morris tie ratio

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The Morrit corportion has $ 510000 of debt outstanding and it pays interest rate of 9% annually. Morris annual sales are $ 3 millions it's average tax rate is 25% and it's net profit margin on sale is 3%. If the company does not maintain a TIE ratio of at least 4 to 1, then it's bank will refuse to renew the loan and bankruptcy will result. What is Morris s TIE ratio? Do not round intermediate calculation. Round your answer to 2 decimal places

Reference no: EM132438386

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