Ask Question
1 January, 20:55

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?

+2
Answers (1)
  1. 1 January, 21:01
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers