Refer to the News Wire to answer two questions. NEWS WIRE: RESERVE REQUIREMENTS China Cuts Reserve Requirements Beijing-China's central bank reduced the amount of reserves commercial banks are required to hold, freeing up money for lending in the latest easing measure to shore up the world's second-largest economy. The People's Bank of China's percentage point cut in the reserve requirement lowers the reserve-requirement ratio, or RRR, to 11.5 percent for large banks. The move frees up about US$79 billion in additional funds that banks can now lend. Source: News accounts of March 2020. Instructions: Round your responses to one decimal place. What was the money multiplier in China a. before the change in reserve requirements? 8.6956 b. after the change in reserve requirements?

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