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In december 2004 checkable deposits owned by individuals and businesses were $667 billion
Money market funds and other deposits in decmeber 2004 were $ 713 billion
step by step calculation
a. M1 = currency held outside banks and traveler’s checks + checkable deposits owned by
individuals and business
M1= $1372 billion
travellers checks in circulation = $8 billion
currency held by individuals and businesses = $697 billion
checking deposits owned by individuals and business= x
So x= 1372-705(697+8)
x= $667billion [ checkable deposits owned by individuals and businesses ]
M2 = M1 + savings deposits + time deposits + money market mutual funds and other deposits.
M2 = $6422 billion
time deposits = $817 billion
saving deposits = $3520 billion
Money market funds and other deposits = y
y=M2-[M1+timedposits +saving deposits ]
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