Multiple Choice
What is the average daily reserve required to be held by the bank for their demand deposits during the maintenance period? Suppose that the rules require no reserves for the first $14.5 million, 3 percent for amounts between $14.5 million and $103.6 million, and 10 percent thereafter.
A) $24.285 million.
B) $28.862 million.
C) $29.555 million.
D) $21.913 million.
E) $32.069 million. [Refer to: 18-120]
Correct Answer:
Verified
Correct Answer:
Verified
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