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Jalen Smithers deposits $4,000 of his cash holdings in his checking account at Springfield Federal Bank. The reserve requirement is 25 percent and the bank

Jalen Smithers deposits $4,000 of his cash holdings in his checking account at Springfield Federal Bank. The reserve requirement is 25 percent and the bank has no excess reserves.

What is the initial effect of Jalen's deposit on the money supply? Explain.

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