Question: I am needing help understanding the math In aggregate, all banks in the US have total deposits of $8.2 trillion. Banks lend out all money

I am needing help understanding the math

In aggregate, all banks in the US have total deposits of $8.2 trillion. Banks lend out all money they have in excess of required reserves and borrowers redeposit 70% of the funds they borrow. What is the new total of deposits across all banks if the Federal Reserve changes the reserve requirement from 11% to the following percent? Note: answer in trillions of dollars, report up to two decimal places. 8.85 b. 10% 8.41 c. 12% 8.00 d. 15% 7.47 a. 8%

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