Assume that any money lent by a bank is always deposited back in the banking system as a checkable deposit and that the required reserve ratio is 15%....

Assume that any money lent by a bank is always deposited back in the banking system as a checkable deposit and that the required reserve ratio is 15%. Discuss how an open market purchase of $50 million worth of bonds (or treasury bills) by the Fed would affect checkable bank deposits. What is the size of the money multiplier?