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Part III: The third deposit that Apex Savings Bank received was $17,900. If Apex Savings Bank was free toloan out $17,452.50, what was the reserve rate at the time? How much was it required to keep onreserve?

Answer :

To solve this problem we just have to find the difference and divide it by 17,900

[tex]\frac{17900-17452.50}{17900}=\frac{445.50}{17900}=0.025[/tex]

We multiply by 100 to express it in percentage

[tex]0.025\cdot100=\text{2}.5[/tex]

Therefore, the reserve is 2.5%.

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