Allowance bank received a deposit of 28,000 and is free to lend out 25,480 what is the reserve rate?
1 answer:
Answer:
Reserve rate = 9%
Step-by-step explanation:
Reserve ratio/rate is the percentage of deposits which commercial banks are required to keep as cash, as directed by the central banks.
first, let us calculate the reserve amount as follows:
Reserve = Deposit - (free amount to lend out)
Reserve = 28,000 - 25,480 = $2,520
Therefore the reserve rate = 9%
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