Compute the impact on the money multiplier of an increase in the currency-to-deposit ratio from 9 percent to 12 percent when the reserve requirement is 10 percent of deposits, and banks desired excess reserves are 3 percent of deposits.

Instructions: Please round your answers to the nearest hundredth (2 decimal places).

When desired currency holdings = 9% of deposits, m =

When desired currency holdings = 12% of deposits, m =