The King Carpet Company has $2,890,000 in cash and a total of $11,270,000 in current assets. The firm's current liabilities equal $6,950,000 such that the firm's current ratio equals 1.6. The company's managers want to reduce the firm's cash holdings down to $1,100,000 by paying $552,000 in cash to expand the firm's truck fleet and using $1,238,000 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