Answer:
the requirements are missing, so I looked for them:
- a. Money supply.
- b. Deposits.
- c. Total reserves.
- d. Excess reserves.
a. $0
the coins are part of M1 money supply already, so it will not change it.
b. $3,000.
the DMV should deposit the pennies in their account account, therefore, total bank deposits will increase by 300,000¢
/100 = $3,000
c. $3,000
since bank deposits increase by $3,000, total reserves also increase by $3,000
d. $2,790
excess reserves = total reserves - required reserve ratio = $3,000 - ($3,000 x 7%) = $2,790