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marshall27 [118]
3 years ago
15

solo savings bank received an initial deposit of $6000 it kept a percentage of this money in reserve based on the reserve rate a

nd loaned out the rest the amount it loaned out was eventually all deposited back in the bank if the cycle continued indefinitely and eventually the $6000 turned into $200000 what was the reserve rate?
Mathematics
1 answer:
iogann1982 [59]3 years ago
8 0

Answer:

Reserve rate = 3%

Step-by-step explanation:

Reserve Ratio = Reserve Maintained with Central Bank / Deposit Liabilities × 100

Reserve maintained = $6,000

Deposit liabilities = $200,000

Reserve Rate = Reserve Maintained with Central Bank / Deposit Liabilities × 1000

=$6,000 / $200,000 × 100

=0.03 × 100

r=0.03 × 100

=3%

Therefore,

Reserve Rate =3%

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