Current ratio

Consider the following financial statement information for Hi-Tech Instruments:

For the Year Ended December 31
(Thousands of Dollars, except Earnings per Share)
Sales revenue	$399,000
Cost of goods sold	150,000
Net income	9,960
Dividends	3,120
Earnings per share	4.98

HI-TECH INSTRUMENTS, INC.
Balance Sheets
	December 31
(Thousands of Dollars)	Current Year	Prior Year
Assets
Cash	$14,050	$18,660
Accounts receivable (net)	87,400	77,900
Inventory	47,400	52,440
Total Current Assets	148,850	149,000
Plant assets (net)	99,940	95,950
Other assets	18,720	16,560
Total Assets	$267,510	$261,510
Liabilities and Stockholders Equity
Notes payablebanks	$11,400	$11,400
Accounts payable	27,000	22,440
Accrued liabilities	19,800	25,200
Total Current Liabilities	58,200	59,040
9% Bonds payable	48,000	48,000
Total Liabilities	106,200	107,040
Common stock*	95,000	95,000
Retained earnings	66,310	59,470
Total Stockholders Equity	161,310	154,470
Total Liabilities and Stockholders Equity	$267,510	$261,510

*Common stock: $25 par value, 3,800,000 shares outstanding.

Industry Average Ratios for Competitors
Quick ratio	1.3
Current ratio	2.4
Accounts receivable turnover	5.9 times
Inventory turnover	3.5 times
Debt-to-equity ratio	0.73
Gross profit percentage	42.8 percent
Profit margin	4.5 percent
Return on assets	7.6 percent

Calculate the companys current ratio for the current year. Round answer to two decimal places (ex: 0.97543 = 0.98).