Lakeside Inc. is considering replacing old production equipment with state-of-the-art technology that will allow production cost savings of $7,500 per month. The new equipment will have a five-year life and cost $315,000, with an estimated salvage value of $30,000. Lakesides cost of capital is 8%. Table 6-4 and Table 6-5. (Use appropriate factor(s) from the tables provided. Round the PV factors to 4 decimals.) Required: Calculate the present value ratio of the new production equipment. (Round your answer to 2 decimal places.)