A bank has an average balance of transactions accounts,August 10 to 23,of $824.46 million.The average balance in the cash account is $42.014 million over this period.The bank is carrying forward a deficit of $1.276 million from the last reserve period.The rules require no reserves to be maintained for the first $8.5 million,3 percent for amounts between $8.5 million and $45.8 million,and 10 percent thereafter.
The minimum reserves that may be maintained toward the next reserve maintenance period,September 23 to October 6,is
A) $33.3170 million.
B) $38.2470 million.
C) $39.0073 million.
D) $35.0876 million.
Correct Answer:
Verified
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