3. Test Yourself Q3 Suppose the Fed purchases $5 billion worth of government bonds from Bill Gates, who banks at the Bank of America in San Francisco. The following three tables represents spread sheets for The Fed, The Bank of America, and Bill Gates. In the spread sheets, indicate the changes in assets and liabilities resulting from the purchase of government bonds. (Hint: Where will the Fed get the $5 billion to pay Gates?) In the following spread sheet, indicate the changes in Bill Gates' assets and liabilities resulting from the purchase of government bonds. Bill Gates Assets Liabilities (Billions of Dollars) Billions of Dollars) Checking Deposits Treasury bills In the following spread sheet, indicate the changes in Bank of America's assets and liabilities resulting from the purchase of government bonds. 3. Test Yourself Q3 Suppose the Fed purchases $5 billion worth of government bonds from Bill Gates, who banks at the Bank of America in San Francisco. The following three tables represents spread sheets for The Fed, The Bank of America, and Bill Gates. In the spread sheets, indicate the changes in assets and liabilities resulting from the purchase of government bonds. (Hint: Where will the Fed get the $5 billion to pay Gates?) In the following spread sheet, indicate the changes in Bill Gates' assets and liabilities resulting from the purchase of government bonds. Bill Gates Assets Liabilities (Billions of Dollars) Billions of Dollars) Checking Deposits Treasury bills In the following spread sheet, indicate the changes in Bank of America's assets and liabilities resulting from the purchase of government bonds