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NewBank started its first day of operations with $6 million in capital. $100 million in checkable deposits is received. The bank issues $50 million of

NewBank started its first day of operations with $6 million in capital. $100 million in checkable deposits is received. The bank issues $50 million of commercial loans. If required reserves are 8%, what does the bank balance sheets look like? Distinguish between required and excess reserves.

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