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Charlotte withdraws $8,000 from her bank demand deposit to pay her tuition this semester.Assume that the reserve requirement is 20% and that banks do not

Charlotte withdraws $8,000 from her bank demand deposit to pay her tuition this semester. Assume that the reserve requirement is 20% and that banks do not have excess reserves.
(Scenario: Changes in the Money Supply II) By how much will the money supply contract as a result of the withdrawal?

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