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Table 29-1. The information in the table pertains to an imaginary economy. AssetAmountSmall time deposits$750 billionLarge time deposits$1,500 billionDemand deposits$480 billionOther checkable deposits$350 billionSavings deposits$4,700

Table 29-1. The information in the table pertains to an imaginary economy.

AssetAmountSmall time deposits$750 billionLarge time deposits$1,500 billionDemand deposits$480 billionOther checkable deposits$350 billionSavings deposits$4,700 billionTraveler's checks$15 billionMoney market mutual funds$910 billionCurrency$1,070 billionMinor categories of M2$40 billion

Refer to Table 29-1. What is the value of M1 in billions of dollars?

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