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Happy Birthday Rapunzel!
Step one: Exchange of $1,000 dollars as a gift.
So glad I put my gift into my savings account so I don't loose it.
Step two: Put gift of $1,000 into savings account.
Step three: Banks take part of the money you put into your savings account and give it to other people to use.
We need loans!
Step four: People from the Federal reserve calculate and decipher how much is the required reserve ratio (R.R.R.) for banks.
We got loans from our bank to help pay off some of our student debt!
Step five: Money that is put into bank accounts can then be lent to others.
Step six: Banks keep 10% of what people put into their accounts so they can lend it to other customers.
Because I put money into my bank account, banks can take some of that money and lend it to others who need it.
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