Given the following data, answer four questions about the money supply and the money multiplier. Value Total reserves: $ 46 billion Transactions deposits: $ 800 billion Cash held by public: $ 300 billion Bonds held by public: $ 250 billion Stocks held by public: $ 145 billion Gross domestic product: $ 8 trillion Interest rate: 5 percent Required reserve ratio: 0. 05 Instructions: In parts a and b, enter your responses as a whole number. In parts c and d, round your responses to two decimal places. a. How large is the money supply (M1)? $ 120 x billion b. How much excess reserves are there? $ 6 billion c. What is the money multiplier? 20