(Liquidity Analysis) The King Carpet Company has $2,900,000 in cash and a total of $12,400,000 in current assets. The firm's current liabilities equal $5,040,000 such that the firm's current ratio equals 2.5. The company's managers want to reduce the firm's cash holdings down to $1,150,000 by paying $572,000 in cash to expand the firm's truck fleet and using $1,178,000 in cash to retire a short-term note. If they carry this plan through, what will happen to the firm's current ratio? The new current ratio is (Round to one decimal place.)