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Bank of Delta has $120 in reserves, $520 in loans and checkable deposits of $640. Assume the required reserve ratio is 9%. A new customer

Bank of Delta has $120 in reserves, $520 in loans and checkable deposits of $640. Assume the required reserve ratio is 9%. A new customer deposits $110 in a checking account. After the bank receives this new deposit, the bank transforms all its excess reserves into loans and consequently, the bank has total loans of?

 

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