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Assume all charted banks are loaned up initially. The Bank of Canada purchases a $12000 bond from a charted bank. The desired reserve ratio is

Assume all charted banks are "loaned up" initially. The Bank of Canada purchases a $12000 bond from a charted bank. The desired reserve ratio is 4%. Theexcess reservesof the charted bank will be

A.$12000

B.$11520

C.$80099

D.$30000

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