Question

In October 2010, the amount of money held by individuals and companies was $987.1 billion; checkable deposits owed by individuals and companies were $567.3 billion; money market funds were $1.045 trillion; savings deposits were $562.3 billion; time deposits were $324.2 billion. What was the M1 amount in October 2010?

Answer 1

$1,554.4

Step-by-step explanation:

Given:

The amount of money held by individuals and companies = $987.1 billion

Checkable deposits owed by individuals and companies = $567.3 billion

Money market funds = $1.045 trillion

Savings deposits = $562.3 billion

Time deposits = $324.2 billion

Now,

The M1 amount is calculates as:

= The amount of money held by individuals + Checkable deposits owed by individuals and companies

= $987.1 billion + $567.3 billion

= $1,554.4