It is January 1st and the Bluefin Corporation wants to renew its $12,000,000 short-term bank loan with the Texas Commerce Bank (TCB) for this coming year. Last year, Bluefin reported sales of $50,000,000. Its total assets equaled $40,000,000 on average during the year. Its short-term liabilities consisted of an average of $10,000,000 in Account Payable, in addition to the $12,000,000 in short-term bank debt, for which it pays an interest rate of 6.5% per year to TCB. It has no other liabilities. Its net profit margin was 3% and its tax rate is 40%. The bank covenant negotiated with TCB stipulates that the loan will not be renewed unless the company maintains a Times -Interest-Earned (TIE) ratio of at least 5.0. Will the bank renew its $12,000,000 short-term loan this coming year? Explain your answer and show all calculations clearly.