GEICO, the number-two auto insurer with $20 billion in revenue last year, spent $1.5 billion on advertising that year and plans to continue spending the same percentage of sales on advertising next year. The average advertising-to-sales ratio for the insurance industry is 0.3 percent of sales. GEICO projects $23 billion in sales next year. The GEICO will budget $1.7 billion for advertising next year based on the advertising-to-sales ratio for the last year. How much would GEICO budget if the company based its advertising spending on the industry advertising-to-sales ratio? Is GEICO consistent with average industry ad spending? Using the industry's average advertising-to-sales ratio, GEICO would budget $ billion. (Round to three decimal places.)