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In June 2013​, currency held by individuals and businesses was ​$1,124 ​billion; traveler's checks were ​$4 ​billion; checkable deposits owned by individuals and businesses were ​$1,402 ​billion; savings deposits were ​$6,884 ​billion; time deposits were ​$583 ​billion, and money market funds and other deposits were ​$647 billion.
Calculate M1 and M2 in June 2013.

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Answer:

Mi $2,530 billion

M2 $10,644 billion

Explanation:

MI = Currency held + Travelers check + Checkable deposits

= $(1,124 + 4 + 1,402) billion = $2,530 billion

M2 = M1 + Savings deposits + Time deposits + Money market funds

= $(2,530 + 6,884 + 583 + 647) billion

= $10,644 billion

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