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The First National Bank has total deposits of $675,000 and excess reserves of $22,300. If the required reserve ratio is 9 percent, the First National Bank has total reserves of:

Respuesta :

Answer: $83050

Explanation:

Based on the information given in the question, the total reserves of First National Bank will be given as follows:

Total deposit = $675000

The Required reserve ratio will be:

= 675000 × 9%

= 675000 × 9/100

= $60750

Since the bank has excess reserves of $22,300, then the total reserve will be:

= $60750 + $22300

= $83050

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