(Answered) Driver enterprises reports 2015 earnings before interest

Finance

Driver Enterprises reports 2015 earnings before interest and taxes (EBIT) of $242,391 and interest expense of $27,088. Included in its reported operating expenses for 2015 were operating lease expenses of $110,064. Based on footnote data and a discount rate of 13% you have determined the present value of the company's future operating lease obligations to be $440,741. Calculate the fixed charge coverage ratio after incorporating the impact of the operating leases and using the present value method. Present your answer rounded to two decimal places, e.g., 20.00.

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