In the text, we ignored travelers checks in deriving the money multiplier. Suppose we are more careful

Question:

In the text, we ignored traveler’s checks in deriving the money multiplier. Suppose we are more careful and include traveler’s checks in the money supply. Let T be the level of traveler’s checks, so T/D is the ratio of traveler’s checks to checking deposits. Derive the money multiplier in terms of C/D, R/D, and T/D.