3. Solve the following exercise: Assume that people do not change the amount of currency they wish to have in circulation. When a bank finds itself with excess reserves, it lends the excess; the borrower generally uses the funds to pay a third party, who in turn deposits the funds in a different bank. For the following cases, use balance sheets to trace the process of money creation (or contraction) through four banks, showing the change in the money supply at each stage. a) Susan Smart deposits 1,500 dollars it in her bank. The required reserve ratio is 10 percent. b) Thomas Jefferson withdraws 1000 dollars and the required ratio is 5%