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The purpose of this exercise is to show that a single bank in a fractional-reserve banking system creates money by making a loan or monetizing a promissory note. Bank of America's (BOA) balance sheet indicates: Assets Liabilities Reserves $30,000 Checkable deposits $100,000 Loans outstanding $60,000 Treasury securities $10,000 MUST SHOW FORMULA AND CACULATION FOR 1a AND 1b Assume the Fed sets the reserve requirement at 10% a BOA must maintain required reserves of $ Formula ( write out formula # la): b. BOA has excess reserves of $ Formula (write out formula #1b) C. BOA can make loans or create money by a maximum of $