National Bank currently has $1,450 million in transaction deposits on its balance sheet. The current reserve requirement is 10 percent, but the Federal Reserve is decreasing this requirement to 8 percent. a. Show the balance sheet of the Federal Reserve and National Bank if National Bank converts all excess reserves to loans, but borrowers return only 50 percent of these funds to National Bank as transaction deposits. (Enter your answers in millions. Do not round intermediate calculations. Round your "Panel B" answers to 3 decimal places. (e.g., 32.161)) Panel A: Initial balance sheets Federal Reserve Bank Assets Liabilities $ million $ million National Bank Assets Liabilities $ million $ million $ million Panel B: Balance sheet after all changes Federal Reserve Bank Assets Liabilities $ million $ million National Bank Assets Liabilities $ million $ million $ million b. Show the balance sheet of the Federal Reserve and National Bank if National Bank converts 70 percent of its excess reserves to loans and borrowers return 80 percent of these funds to National Bank as transaction deposits. (Enter your answers in millions. Do not round intermediate calculations. Round your "Panel B" answers to 3 decimal places. (e.g., 32.161)) Panel A: Initial balance sheets Federal Reserve Bank Assets Liabilities $ million $ million National Bank Assets Liabilities $ million $ million $ million Panel B: Balance sheet after all changes Federal Reserve Bank Assets Liabilities $ million $ million National Bank Assets Liabilities $ million $ million $ million