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29 May, 13:42

The first deposit that apex savings bank received was $15,300. if the reserve rate at the time was 3.5%, how much of the deposit was apex savings bank required to keep on reserve? how much was it free to loan out?

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  1. 29 May, 15:53
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    Since the reserve as 3.5%, the amount to keep on reserve was 0.035*15,300 = $535.5

    Amount it was free to loan out = 15,300-535.5 = $14,764.5
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