Answered

Connect with a community that values knowledge and expertise on IDNLearn.com. Join our interactive Q&A community and access a wealth of reliable answers to your most pressing questions.

Part III: The third deposit that Apex Savings Bank received was $17,900. If Apex Savings Bank was free toloan out $17,452.50, what was the reserve rate at the time? How much was it required to keep onreserve?

Sagot :

To solve this problem we just have to find the difference and divide it by 17,900

[tex]\frac{17900-17452.50}{17900}=\frac{445.50}{17900}=0.025[/tex]

We multiply by 100 to express it in percentage

[tex]0.025\cdot100=\text{2}.5[/tex]

Therefore, the reserve is 2.5%.

We appreciate your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. Your search for solutions ends here at IDNLearn.com. Thank you for visiting, and come back soon for more helpful information.