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Suppose that the statistics for an economy as a whole (in billions of dollars) are as follows: Currency held by the public350 Reserves held by

Suppose that the statistics for an economy as a whole (in billions of dollars) are as follows:

Currency held by the public350

Reserves held by banks840

Checkable deposits held at banks1000

If the required reserve ratio on checkable deposits is 6%, what is the value of the (M1) money multiplier?

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