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Assume that the currency-deposit ratio is 32%, the required reserve ratio is 7%, the excess reserve ratio is 1%, and total money supply is $1,320

Assume that the currency-deposit ratio is 32%, the required reserve ratio is 7%, the excess reserve ratio is 1%, and total money supply is $1,320 billion. What is the amount of high-powered money?

Select one:

a.$330 billion

b.$132 billion

c.$165 billion

d.$800 billion

e.$400 billion

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