(Liquidity Analysis) The King Carpet Company has $2,910,000 in cash and a total of $11,270,000 in current assets. The firm's current liabilities equal $6,480,000 such that the firm's current ratio equals 1.7. The company's managers want to reduce the firm's cash holdings down to $1,170,000 by paying $512,000 in cash to expand the firm's truck fleet and using $1,228,000 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)

(Liquidity Analysis) The King Carpet Company has $2,910,000 in cash and a total of $11,270,000 in current assets The firm's curtent fabeltien fqual 55,480,000 such that the firm's current ratio equals 17. The company's managers want to reduce the firm's cash holdings down to 51,170,000 by payding 5512.000 in cash to expand the firmis tryck fteet and using $1220000 in carh to retre a thorthems note. If they carry this plan theough, what will happen to the firmit curieot ratio? The sim cunent ratio is (Round to ane decimal place)