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Let us assume that individuals do not hold any cash.However, banks hold excess reserves.If the simple money multiplier is 20, the required reserve ratio must:

Let us assume that individuals do not hold any cash.However, banks hold excess reserves.If the simple money multiplier is 20, the required reserve ratio must:

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none of the solutions given is correct

be less than 0.05

be equal to 0.05

be more than 0.05

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