5) 9' Points. More Complicated Money Multiplier Problem. Suppose that the reserve requirement ratio is 16%, that the excess reserve ratio is 4%, and that the currency-to- deposit ratio is 20%. What is the money multiplier that relates the monetary base to M1? (3 points). If the monetary base equaled $700 billion, what is the M1 money supply equal to? (2 points) What happens (up, down, or remains unchanged} to the money multiplier and M] if banks decrease their cushion of reserves against deposit withdrawals (assume that the monetary base remains unchanged)? (2 points) Other than the Covid crisis and the 2008-09 nancial crisis, name a major earlier event or period when banks increased their cushion of excess reserves on a very large scale in the U.S. (2 points)