The following information pertains to Blue Spruce Corp. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments $ 56500

Accounts receivable (net) 23300

Inventory 21700

Property, plant and equipment 222000

Total Assets $323500

Liabilities and Stockholders Equity

Current liabilities $ 29000

Long-term liabilities 91800

Stockholders equitycommon 202700

Total Liabilities and Stockholders Equity $323500

Income Statement

Sales revenue $111000

Cost of goods sold 73500

Gross profit 37500

Operating expenses 26000

Net income $ 11500

Number of shares of common stock 5000

Market price of common stock $30

Dividends per share on common stock 5.60

Cash provided by operations $46000

What is the current ratio for this company?

2.75

2.67

1.95

3.50