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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?

Respuesta :

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

LoganBS10

Answer:

The amount to keep on reserve was = $535.5

Amount it was free to loan out = $14,764.5

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