2. In June 2009, currency held by individuals and businesses was $853 billion; travelers checks were $5
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2. In June 2009, currency held by individuals and businesses was $853 billion; traveler’s checks were $5 billion; checkable deposits owned by individuals and businesses were $792 billion; savings deposits were $4,472 billion; time deposits were $1281 billion; and money market funds and other deposits were $968 billion. Calculate M1 and M2 in June 2009.
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