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 percent,what is its total amount of reserves?
A) $8,550,000
B) $9,000,000
C) $9,450,000
D) $30,135,000
E) $30,450,000
Correct Answer:
Verified
Correct Answer:
Verified
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