Assume that the Fed sells $75 million in U.S. Treasury securities in the bond markets thus changing bank reserves in the banking system. If the current required reserve ratio stands at 10% and that there are no leakages in the banking system other than that for required reserves, what will be the expected change in bank deposits because of this move by the Fed? Show all work. Carrying all calculations out to four (4) decimal places. Highlight in bold your