7. The money creation process Suppose Southeast Mutual Bank, Walls Fergo Bank, and P3Morton Bank all have zero excess reserves. The required reserve ratio is presently set at 25\%. Hubert, a Southeast Mutual Bank customer, deposits $1,800,000 into his checking account at the local branch. Complote the following table to reflect any changes in Southeast Mutual Bank's T-account (before the bank makes any new loans). Complete the following table to show the effect of a new deposit on excess and required reserves when the required reserve ratio is 25% Hint: If the change is negative, be sure to enter the value as negative number. Now, suppose Southebst Mutual Bank loans ovt all of its new excess reserves to Elleen, who immedlately uses the funds to write a check to Clancy. Cancy deposits the funds immediateiy into his checking account at Walls fergo Bank. Then Walls Fergo Bank lends out all of its new excess reserves to Manuel, who writes a check to Kate, who deposits the money into her account at PlMorton Bank. PMorton lends cut all of its new excess reserves to Poornime in turn. Fill in the following table to show the effect of this ongoing chain of events at cach bank. Enter each answer to the nearest dallar? Assume this process continues, with each successivb loan deposited into a checking sccount and no banks keeping any excess reserves. Under the assumptions, the $1,800,000 injection into the money supply results in an overall increase of in demand depesits