Assume that highland town bank has checkable deposits of, Finance Basics

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Assume that highland town bank has checkable deposits of

Question: Assume that Highland Town Bank has checkable deposits of $770 million. The bank has legal (actual) reserves of $85 million. If the Required Reserve Ration as set by the FED is 10%, answer the following questions. (Circle your answer.)

What is dollar amount ($) of the bank's required reserves?

What is the maximum amount the bank can lend out in new loans?

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