Is the equation 8x12x5 =- 8x(12x5) an associative property or distributive property equation?
2 answers:
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The quantity of excess reserves that the Bank of Cheerton now hold is $210
From the attached table, the amount generated on the reserve is $4,200
If the Fed's reserve requirement is 5 percent, then the quantity of excess reserves that the Bank hold is given as:
Quantity of excess reserves = 5% of $4,200
Quantity of excess reserves = 0.05 * 4200
Quantity of excess reserves = $210
Hence the quantity of excess reserves that the Bank of Cheerton now holds is $210.
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Given:
Principal = $1290
Rate of simple interest = 4%
Time = 9 months
To find:
The interest and total saving in the account altogether.
Solution:
The formula for simple interest is
...(i)
where, P is principal, r is rate of interest and t is time in years.
We know that,
Putting P=1290, r=4 and t=0.75 in (i), we get
So, the simple interest is $38.70.
Total savings is
Therefore, the total amount in the account altogether is $1328.70.