Commercial banks hold governments bonds of £71, reserves of £61, and currency of £48. The public holds currency of £100 and £15 in government bonds. Deposits are equal to £1000. What is the money multiplier equal to? (State your answer to 2 decimal places.)

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A: TVC = TC-TFC where TFC = 100. So TVC = 25q -8q2 + 2q3

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Q: Solve it correctly

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A: Answer is given Below

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A: *Answer:

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