Use the following information to answer questions 1 and 2:

Consider the following statistics for the banking sector in Canada displayed in the table below (all numbers in billions of domestic currency). Category

Amount (in billions of domestic currency)

Coins and Currency in Circulation

1100

Checkable Deposits

1

Traveler's Checks

1500

Savings Accounts

8200

Money Market Mutual Funds

1

Time Deposits

800

1.Using the data above, calculate M1 for Canada.

2.Using the data above, calculate M2 for Canada.