Mathematics, 23.04.2021 20:20, leenzazou98241

Drake receives $5,000 from his uncle for an early graduation present! Drake decides not to blow the gift money on a Cancun trip with his buddies, but instead purchases a Certificate of Deposit from Wells Fargo with a higher interest
rate (6%) than his current savings account (1%) at Chase Bank. If the Fed has set the Reserve Ratio at 50%, how
much new money will be created?

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Drake receives $5,000 from his uncle for an early graduation present! Drake decides not to blow the...