The following table shows the components of M1 and M2 in billions of dollars for the month of December in the years 2006 to 2016, reported by the Federal Reserve Bank of St. Louis. Complete the table by calculating M1, M2, currency in circulation as a percentage of M1, and currency in circulation as a percentage of M2. What trends or patterns about M1, M2, currency in circulation as a percentage of M1, and currency in circulation as a percentage of M2 do you see?

What might account for these trends?

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Year Currency in Traveler's Checkable checks deposits Savings Time Money deposits deposits market M1 M2 Currency Currency in in circulation funds circulation circulation as a percentage as a percentage of M1 of M2 2006 $750.2 $6.7 $611.3 $3,694.9 $1,206.1 $772.2 ? ? ? ? 2007 760.6 6.3 609.5 3,898.4 1,276.1 923.3 ? ? ? ? 2008 816.3 5.5 785.1 4,089.4 1,457.9 1,012.5 ? ? ? ? 2009 863.7 5.1 829.7 4,813.1 1,188.3. 771.1 ? ? ? ? 2010 918.8 4.7 919.0 5,331.3 933.2 668.1 ? ? ? ? 2011 1,001.5 43 4.3 1,164.1 6,032.0 775.8 658.6 ? ? ? ? 2012 1,090.5 3.8 1,367.0 6,685.0 643.7 638.6 ? ? ? ? 2013 1,160.2 3.5 1,496.5 7,131.5 567.3 635.7 ? ? ? ? 2014 1,252.2 2.9 1,675.0 7,580.9 519.0 616.9 ? ? ? ? 2015 1,337.9 2.5 1,739.3 8,185.1 408.4 640.3 ? ? ? ? 2016 1,418.4 2.2 1,902.0 8,842.3 371.6 712.6 ? ? ? ? Data from: Federal Reserve Bank of St. Louis.