Question 8 3 pts A commercial bank has $3,000 in reserves, $7,000 in loans, and $10,000 of deposits. Answer the following questions: (a) If the reserve requirement is 20%, what is the bank's excess reserves? (b) If the Fed reduces the reserve requirement to 15%, what is the maximum amount of total deposits the bank can borrow (given that the total reserves remain at $3,000)? Excess reserves $1,000; Deposits $15,000 O Excess reserves $1,000: Deposits $20,000 Excess reserves $2,000; Deposits $15,000 O Excess reserves $2,000: Deposits $20,000