Money Account(in Billions): Currency=357
Checkable deposits=783
Traveler's checks=8
Small-denomination time deposits=875
Overnight repurchase agreements=120
Savings and Money market deposits=3,144
Money market funds=397
Vault cash=720
Credit card debt=335
Short term Treasury securities=375
The value of M1 $---.
The value of M1 is $2,455 billion.
How did you goot that answer?
To calculate the value of M1, we add the following components:
1. Checkable deposits: $783 billion.
2. Traveler's checks: $8 billion.
3. Small-denomination time deposits: $875 billion.
4. Currency: $357 billion.
5. M1 excludes overnight repurchase agreements, savings and money market deposits, money market funds, vault cash, credit card debt, and short-term Treasury securities.
Summing up these components:
783 + 8 + 875 + 357 = $2,023 billion.
Therefore, the value of M1 is $2,023 billion.
wrong answer.
Apologies for the incorrect response. Let me recalculate it correctly:
To determine the value of M1, we add the following components:
1. Currency: $357 billion.
2. Checkable deposits: $783 billion.
3. Traveler's checks: $8 billion.
4. Small-denomination time deposits: $875 billion.
Summing up these components:
357 + 783 + 8 + 875 = $2,023 billion.
Therefore, the value of M1 is $2,023 billion.
To calculate the value of M1, you need to add up the following components:
1. Currency: $357 billion
2. Checkable deposits: $783 billion
3. Traveler's checks: $8 billion
Now, add these values together:
M1 = Currency + Checkable deposits + Traveler's checks
M1 = $357 billion + $783 billion + $8 billion
M1 = $1,148 billion
Therefore, the value of M1 is $1,148 billion.
To find the value of M1, we need to add up the components of M1, which include currency (in this case, it is given as 357 billion), checkable deposits (783 billion), and traveler's checks (8 billion).
So, the value of M1 can be calculated by the formula:
M1 = Currency + Checkable Deposits + Traveler's Checks
M1 = 357 + 783 + 8
M1 = 1,148 billion (or 1.148 trillion in round numbers)
Therefore, the value of M1 is $1.148 trillion.