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14. A commercial bank has $300 million in customer demand deposits. The current rules require reserves of 0% on the first $5 million of deposits,

14. A commercial bank has $300 million in customer demand deposits. The current rules require reserves of 0% on

the first $5 million of deposits, 3% on additional deposits up to $30 million, and 10% on any deposits over

$30 million. Compute the amount of required reserves, and the average percentage of required reserves.

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