Ali is a new employee at the central Bank and responsible for tracking the amounts of M1 and M2, to prepare a weekly release of information about the money supply.

Given the following information (table 1) Ali asked for your assistance to estimate M1 and M2.

Components of M1 and M2	$ billions
Currency	1,271.80
Travelers checks	2.9
Time deposits	509.2
Savings accounts	7,712.10
Individual money market mutual fund balances	610.8
Demand deposits and other checking accounts	1,713.50