Vault cash is equal to $1 million, deposits by depository institutions at the central bank are $1 million, the monetary base is $15 million, and bank deposits are $30 million. The total currency in circulation is:.

The total currency in circulation is $13 million.

Explanation:

This can be calculated using the following formula:

Total currency in circulation = Monetary base - Vault cash - Deposits by Depository institutions at the central bank (1)

Where;

Total currency in circulation = ?

Monetary base = $15 million

Vault cash = $1 million

Deposits by depository institutions at the central bank = $1 million

Substituting the values into equation (1), we have:

Total currency in circulation = $15 million - $1 million - $1 million = $13 million

Therefore, the total currency in circulation is $13 million.

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