A Bank Has an Average Balance of Transactions Accounts, August

question 99

Multiple Choice

A bank has an average balance of transactions accounts, August 10 to 23, of $824.46 million.The average balance in the cash account is $42.014 million over this period.The bank is carrying forward a deficit of $1.276 million from the last reserve period.The rules require no reserves to be maintained for the first $8.5 million, 3 percent for amounts between $8.5 million and $45.8 million, and 10 percent thereafter. What is the reserve to be maintained with fed?

• A)$38.247 million.
• B)$34.419 million.
• C)$36.971 million.
• D)$35.087 million.
• E)$35.695 million.

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