Which of the following statements is most correct?

Select one:

a. A monetary base of $5 million and a money multiplier of 5 means that the money supply will be $1 million.

b. The magnitude of the money multiplier today is in the 8 to 9 range.

c. The money multiplier is influenced by the public's switching between checkable and noncheckable deposits at their banks.

d. The monetary base multiplied by the money multiplier produces the M3 definition of the money supply.