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Question 3.2: During the holiday, the public wants to hold more currency to buy gifts and so withdraws $30 million in cash. Demonstrate the effect

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Question 3.2: During the holiday, the public wants to hold more currency to buy gifts and so withdraws $30 million in cash. Demonstrate the effect on the T-Account of banking system and Federal Reserve System. (20 points) a. Banking system (10 points) Banking System Assets Liabilities b. Federal Reserve System (10 points) Federal Reserve System Assets Liabilities

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