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Suppose a commercial bank has checkable deposits of $60,000 and the legal reserve ratio is 10 percent. If the bank's required and excess reserves are

Suppose a commercial bank has checkable deposits of $60,000 and the legal reserve ratio is 10 percent. If the bank's required and excess reserves are equal, then its actual reserves

Multiple Choice

are $12,000.
are $6,000.
are $600,000.
cannot be determined from the given information.

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