Question 3 1 pts Which of the following statements is/are correct. 1. If the reserve requirement is 10% and bank X has $500 in deposits then the excess reserves of bank X has to be $50. II. Banks are not required to have excess reserves. Tand II O ll only O I only O none Question 4 1 pts A commercial bank has $5,000 in reserves. $15,000 in loans, and $20,000 of deposits. If the Fed raised the reserve requirement from 10 percent to 20 percent, what will be the change in excess reserves? {if excess reserves decrease put minus sign in front of the answer). -2.000