Given below is information on all of the entries in Balance of Payments of a hypothetical developing country:
Commodity exports = $28 million
Debt service payments = $1 million
Remittances from abroad = $2 million
Commodity imports = $34 million
Private FDI inflow = $0.5 million
Investment income = $1 million
Based on this information, answer the following questions:
a) What is the value of current account balance? b) What is the value of capital account balance? c) What is the value of cash reserve account?