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Suppose a credit union has checkable deposits of $200,000 and the legal reserve ratio is 10 percent. If the institution has excess reserves of $4,000,

Suppose a credit union has checkable deposits of $200,000 and the legal reserve ratio is 10 percent. If the institution has excess reserves of $4,000, then its actual reserves are

$24,000.
$16,000.
$4,000.
$20,000.

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