Type of Deposit Reserve Requirement Checkable Deposits$7.8 -...

Type of Deposit Reserve Requirement

Checkable Deposits

$7.8 - 48.3 Million 3%

Over $48.3 Million 10

Noncheckable personal savings and time deposits 0

Refer to the accompanying table. If a bank has $70 million in savings deposits and $56 million in checkable deposits, then its required reserves are

Multiple Choice

• $5.8 million.
• $35 million.
• $7 million.
• $12.6 million.