Suppose that at the start of a business day, a Canadian bank has demand deposits of $20 billion and savings deposits of $80 billion. Assume that its desired primary reserve ratio against demand deposit is 10%, while its desired primary reserve ratio against savings deposits is only 3%. What will be the total desired primary reserves of the bank at the beginning of business day? Assume that the bank's actual primary reserves were equal to its desired primary reserves at the beginning of the day. During the day, assume that the bank has net deposit withdrawals from its demand deposits of $0.4 billion and from its saving deposits of $10 billion respectively. Calculate the desired primary reserves, actual primary reserves, and excess primary reserves at the end of the business day Finally, assume the following overnight borrowing opportunities available to the bank: The Canadian inter-bank deposit market where the annualized overnight rate is 2.5%; The repo market in which the bank can sell a set of money market securities with total face value of $1.33008645 billion for S1 33 billion for a one-day maturity If the bank would need to borrow. Which of the two borrowing opportunities should it avail itself of