All ten questions on this assignment deal with Pennytown, which has two non-identical banks called Bank One and Bank Two. Bank One has $1800 cash in its vault, $2200 Deposit in the Fed, $3000 US government bonds, and required reserves of $1800. Bank Two has $2200 cash in its vault, $2000 Deposit in the Fed, $3800 US government bonds, and demand deposits (checking) of $18,000. Banks in Pennytown must keep 10 percent of their demand deposits on hand as required reserves. Cash held by the public for all of Pennytown totals $12,000.
Calculate Bank Two's excess reserves. Round your final answer to the nearest penny.
Enter only numbers, a decimal point, and/or a negative sign as needed.