Given the following information for November 2010, calculate the amounts of M1 a

Question

Given the following information for November 2010, calculate the amounts of M1 and M2 in November 2010. The amounts are in billions of dollars.

Currency                                                                                              $915.0

Demand deposits                                                                                 507.0

Money market mutual funds (retail only)                                           711.1

Other checkable deposits                                                                    405.2

Savings deposits, including money market deposit accounts            5,317.9

Small-denomination time deposits                                                    943.3

Travelers checks                                                                              4.7

Explanation / Answer

M1 = 915+507+405.2+4.7 = $1831.9

M2 =M1 + 711.1+5317.9+943.3 = $8804.2

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