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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If excess reserves are $2 million and required reserves are $22 million, then how much do reserves equal?

To determine

The reserves.

Explanation

The reserves can be calculated using the following formula:

Total reserve =Required reserves+Excess reserves        (1)

Since the required reserve is $22 million and the excess reserve is $2 million, the tot

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