Suppose that the reserve requirement is 8%, the excess reserves-to-deposit ratio is 0.51, and the currency-to-deposit ratio is 0.34. The value of the money multiplier is 1.44. (Enter your response rounded to two decimal places.) If the Fed conducts an open market operation and buys $10 million worth of bonds from banks, what happen to the money supply? The money supply will by $ million. (Enter your response rounded to two decimal place

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