The current assets and current liabilities for Violet Inc. and Magenta, Inc., are as follows at the end of a recent fiscal period: Violet Inc. (in millions) Magenta, Inc. (in millions) Current assets: Cash and cash equivalents $7,629 $23,483 Short-term investments 4,927 0 Accounts receivable 3,338 17,005 Inventories 318 1,620 Other current assets* 1,748 6,883 Total current assets $17,960 $48,991 Current liabilities: Accounts payable $4,680 $9,953 Accrued and other current liabilities 4,150 6,917 Total current liabilities $8,830 $16,870 *These represent prepaid expense and other nonquick current assets. a. Determine the quick ratio for both companies. If required, round your answers to one decimal place. Quick Ratio Violet Inc.: 2.2 Magenta, Inc.: 1.6