Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 3M COMPANY Balance Sheet (partial) 2022 2021 Current assets Cash and cash equivalents $3,010 $1,815 Accounts receivable, net 3,215 3,165 Inventories 2,610 2,975 Other current assets 1,835 1,505 Total current assets $10,670 $9,460 Current liabilities $4,268 $5,688 (b) Suppose that at the end of 2022, 3M management used $300 million cash to pay off $300 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio :1