As the chief financial officer of Adirondack Designs, you have the following information:

Next year’s expected net income after tax but before new financing $ 46 million
Sinking-fund payments due next year on the existing debt $ 21 million
Interest due next year on the existing debt $ 16 million
Common stock price, per share $ 31.0
Common shares outstanding 26 million
Company tax rate 30%
Calculate Adirondack’s times-interest-earned ratio for next year assuming the firm raises $56 million of new debt at an interest rate of 4 percent.