The following is a simplified consolidated balance sheet for the chartered banking system and the Bank of Canada. Assume a desired reserve ratio of 5 60 percent for the chartered banks. All figures are in billions of dollars. CONSOLIDATED BALANCE SHEET: CHARTERED BANKING SYSTEM 8 00:52:48 Assets Liabilities Reserves $6.0 Deposits $100 Securities 20.0 Advances from Bank of Canada 0.1 Loans 74.1 BALANCE SHEET: BANK OF CANADA Assets Liabilities Treasury Bills of Canada 2.9 Notes in circulation $8.8 Securities 12.0 Government of Canada deposits 0.2 Advances to charted banks 0.1 Chartered bank deposits 6.0 Refer to the above information, suppose the Bank of Canada sells $2 in securities directly to the chartered banks. As a result of this transaction, the supply of money