In December 2000, currency was $340 billion, traveler's checks were $4 billion; checkable deposits owned by individuals and businesses were $450 billion, saving deposits were $1,900 billion, time deposits were $1,000 billion; and money market funds were $900 billion. What was the M1 in December 2000?

M1 = $454 billion

Explanation:

given data

currency = $340 billion

traveler's checks = $4 billion

individuals and businesses = $450 billion

saving deposits = $1,900 billion

time deposits = $1,000 billion

money market funds = $900 billion

to find out

What was the M1 in December 2000

solution

we get here M1 in December that is

M1 = traveler's checks + check deposits ... 1

put here value we get

M1 = $4 billion + $450 billion

M1 = $454 billion