Question

In October 2010, the amount of money held by individuals and companies was $784.2 billion; checkable deposits owed by individuals and companies were $485.2 billion; money market funds were $1.908 trillion; savings deposits were $253.3 billion; and time deposits were $324.2 billion. What was the M1 amount in October 2010

Answer 1

$1,269.4 billion or $1.2 trillion

Step-by-step explanation:

The M1 money supply is the coins and currency in circulation that are not held by the United States treasury.

The M1 amount is the money held by individuals plus checkable deposits owned by individuals.

Calculating this gives:

= $784.2 billion + $485.2 billion

= $1,269.4 billion or $1.2 trillion