Ford Company pres ented the following data at the end of 2019: Cash $1,575,000 Accounts receivable 2,800,000 Merchandise inventory 2,450,000 Prepaid insurance 262,500 Property & equipment 7,000,000 Accounts payable 525,000 Unearned revenue 600,000 Wages payable 1,200,000 Bonds payable (due in 10 years) 3,000,000 Determine the current ratio for Ford Company (rounded to the nearest 2 decimal places, any answers that is +/- .05 from the correct answer will be marked correct)