Since Covid hit in 2020, the Federal Reserve created $6.5 trillion of new money. Currently bank reserve requirements are 10%. What is the total eventual effect of this on the US money supply in $trillion? (round to nearest $trillion)

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter13: The Federal Reserve System
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Since Covid hit in 2020, the Federal Reserve created $6.5 trillion of new money. Currently bank reserve requirements are 10%. What is the total eventual effect of this on the US money supply in $trillion? (round to nearest $trillion)
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