Money, Banking, and the Federal Reserve System - End of Chapter Problem The following table shows the components of M1 and M2 in billions of dollars for the month of December in the years 2009 to 2019 reported by the Federal Reserve Bank of St. Louis. Year Currency in circulation Checkable deposits Savings deposits Time deposits Money market funds 2009 $863.7 $829.1 $4,812.0 $1,187.5 $791.1 2010 918.8 917.9 5,331.5 934.4 686.7 2011 1,001.6 1,162.7 6,033.6 776.9 676.3 2012 1,090.7 1,370.4 6,683.3 645.8 655.4 2013 1,160.7 1,503.7 7,128.2 570.4 652.0 2014 1,253.2 1,687.11 7,573.0 523.4 631.3 2015 1,339.5 1,754.4 8,169.7 413.2 653.3 2016 1,420.9 1,919.0 8,814.5 353.4 691.3 2017 1,525.0 2,082.3 9,110.3 414.2 703.81 2018 1,624.8 2,121.7 9,260.9 532.9 811.5 2019 1,710.91 2,266.2 9,765.2 580.0 979.9 a. Calculate M2 and currency in circulation as a percentage of M2 for the selected years below. Enter your answer in billions of dollars, and round to one decimal place. M2, 2010: Billion Circulated currency, percentage of M2, 2010: 18 M2, 2016: Billion Circulated currency, percentage of M2, 2016: % M2, 2018: Billion Circulated currency, percentage of M2, 2018: b. What trends or patterns about M2 and currency in circulation as a percentage of M2 do you see? M2 decreased over time, and currency in circulation as a percentage of M2 grows slowly, and stays in the 10-11% range. OM2 decreased until 2014 before increasing, while currency in circulation as a percentage of M2 decreases over time. OM2 increased over time, and currency in circulation as a percentage of M2 grows slowly, and stays in the 10-11% range. M2 increased over time, and currency in circulation as a percentage of M2 grows slowly, and stays in the 40-50% range