Suppose That the Bank of Apples Has Excess Reserves of $450,000

question 99

Multiple Choice

Suppose that the Bank of Apples has excess reserves of $450,000 and checkable deposits of $30,000,000.If the bank has a reserve requirement of 30%,what is the bank's total amount of reserves?

• A) $8,550,000
• B) $9,000,000
• C) $9,450,000
• D) $30,135,000
• E) $30,450,000

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