Assume that Firstbank bolds no excess reserves, borrowers hold no currency, and the reserve requirement is 10%. If Firatbank sells a $10,000,000 security to the Fed, using T-Accounts, show the inltlal bank transaction and the Fed transaction. Using reserves from this transaction and three additional steps (loans) in the money expansion process, how much is created in deposits after the three steps (loans)? How much do deposite increase for the banking system when the expansion process continues to its completion.

(Show assets and liabilities for each bank. Using a TAccount is recommended, but not required. If yon don't use T Accounts, you need to make sure you explain each answer in detail