The Bank of Charleston has $250 million in demand deposits. The Bank of Charleston is meeting its reserve requirement and has no excess reserves. It has $10 million in reserves. The Bank of Charleston faces a required reserve ratio of

Question 2 options:

	1.25%
	4%
	20%
	37.5%

Question 3 (2 points)

The Bank of New York has $4 million in demand deposits and $400,000 in reserves. If the required reserve ratio is 5%, excess reserves are equal to

Question 3 options:

	$15,000
	$20,000
	$35,000
	zero