Suppose that Bob withdraws $100 of cash from his checking account at Security Bank and uses it to buy a camera from Joe, who deposits the $100 in his checking account in Serenity Bank. Assuming a reserve ratio of 10 percent and no initial excess reserves, determine the extent to which?
(a) Security Bank finds itself short of required reserves,
(b) Serenity Bank finds it has excess reserves,
(c) Loans, checkable deposits, and the money supply change as a result of the transactions.