The government of Country Happy released the annual report of 2020, in which the Central Bank of the country summarized the money supply information as Table 2 and the Labour Department reported data of the labour market as Table 3. The commercial banks are holding: $250 million required reserve $150 million excess reserve $2,500 million demand deposits $2,100 million loans The general public is holding: $300 million coins and currency Table 2 Number of People 992,000 254,000 123,000 455,000 70,000 Category Population less than 65 years old Less than 15 years of age Aged 15 to 64 who are in jail, hospital or institutional care Full time workers Unemployed workers Table 3 (a) Calculate the actual reserve ratio, required reserve ratio and the current money supply as M1 in Country Happy. Show your workings. Round your answers to two decimal places if applicable. (6 marks) (b) Suppose the commercial banks in Country Happy decide to lend out all excess reserve. In view of this, draw the balance sheet of the banking system. (3 marks)