The information in the table describes the banking system of Transylvania. Assume that all banks are holding their target reserves. Actual reserves in banking system $ 2 comma 000 Total chequable deposits $ 6 comma 500 Securities held by chartered banks $ 1 comma 000 Currency outside banks $ 1 comma 500 TABLE 11minus8 Refer to Table 11minus8. The money supply in Transylvania as measured by M1 is equal to