Use the following balance sheet for the First Federal Bank to answer the next question.

Assets Liabilities + Net Worth

Reserves: $60,000 Checkable deposits: $300,000

Loans: $140,000 Stock shares: $200,000

Securities:$60,000

Property: $200,000

If First Federal Bank can make no additional loans, then what is the monetary multiplier?

I know the answer is 5.00 from looking it up, but I can't see how they got that answer. The formulas they've taught so far are: Excess reserves = total reserves - required reserves; Required reserves = deposits X rr; Change in money supply = 1/rr X change in reserves; and Money multiplier = change in money supply / change in reserves = 1/rr.