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Consider the following data. Item Value ($ billions) Currency 638 Savings and money market deposit accounts 3,118 Small-denomination time deposits 1,517 Traveler's checks outside banks

Consider the following data.

Item	Value($ billions)
Currency	638
Savings and money market deposit accounts	3,118
Small-denomination time deposits	1,517
Traveler's checks outside banks and thrifts	10
Noninstitution money market mutual funds	832
Institution-only money market mutual funds	210
Transaction deposits	986

Calculate M1. $___ billion.

Calculate M2. $___ billion.

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