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Assume Bank of America has total deposits of $10,000,000. The legal reserve of the bank is $1,500,000. The required reserve rate is 7%. Calculate the

Assume Bank of America has total deposits of $10,000,000. The legal reserve of the bank is $1,500,000. The required reserve rate is 7%. Calculate the total expansion for the $10,000,000 deposits of Bank of America.

$10,000,000

$11,440,000

$800,000

$700,000

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