To solve the problem, we need to calculate two important measures in the context of money supply, namely M1 and M2, using the given data.
### Step-by-Step Solution:
#### Part 1
Components for M1:
- Currency: \[tex]$758 billion
- Checkable deposits: \$[/tex]615 billion
Formula for M1:
[tex]\[ M1 = \text{Currency} + \text{Checkable deposits} \][/tex]
Calculation for M1:
[tex]\[ M1 = 758 + 615 \][/tex]
[tex]\[ M1 = 1373 \][/tex]
So, the total value of M1 in January 2008 was \[tex]$1373 billion.
#### Part 2
Components for M2:
- M1 (already calculated): \$[/tex]1373 billion
- Money market account: \[tex]$950 billion
- Savings: \$[/tex]3868 billion
- Small-denomination time deposits: \[tex]$1282 billion
Formula for M2:
\[ M2 = M1 + \text{Money market account} + \text{Savings} + \text{Small-denomination time deposits} \]
Calculation for M2:
\[ M2 = 1373 + 950 + 3868 + 1282 \]
\[ M2 = 7473 \]
So, the total value of M2 in January 2008 was \$[/tex]7473 billion.
### Summary:
1. In January 2008, the total value of M1 was \[tex]$1373 billion.
2. In January 2008, the total value of M2 was \$[/tex]7473 billion.
