3. In June 2008, M1 was $1,394 billion; M2 was $7,681 billion; checkable deposits owned by individuals
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3. In June 2008, M1 was $1,394 billion; M2 was $7,681 billion; checkable deposits owned by individuals and businesses were $619 billion; time deposits were $1,209 billion; and money market funds and other deposits were $1,057 billion. Calculate currency and traveler’s checks held by individuals and businesses and calculate savings deposits.
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