Use the following information to answer the next three questions. Echo bank currently has $300 million in transaction deposits on its balance sheet. The current reserve requirement is 12 percent of transaction deposits. The Federal Reserve plans to increase the reserve requirement to 15 percent. Echo withdraws all excess reserves and gives them out as loans. The cash to deposit ratio is 10% What is Echo's loan account balance (in millions) prior to the change in the reserve requirement? Do not use the dollar sign or words when entering your response. Enter your response in terms of millions of dollars (EX: enter 20 for 20 million dollars). QUESTION 6 What is Echo's reserve entry (in millions) on its balance sheet prior to the change in the reserve requirement? 24 39.6 45 36 None of the above QUESTION 7 What is Echo's loan account balance (in millions) after the change in the reserve requirement? 285.6 221 224.40 306 255 Use the following information to answer the next three questions. Echo bank currently has $300 million in transaction deposits on its balance sheet. The current reserve requirement is 12 percent of transaction deposits. The Federal Reserve plans to increase the reserve requirement to 15 percent. Echo withdraws all excess reserves and gives them out as loans. The cash to deposit ratio is 10% What is Echo's loan account balance (in millions) prior to the change in the reserve requirement? Do not use the dollar sign or words when entering your response. Enter your response in terms of millions of dollars (EX: enter 20 for 20 million dollars). QUESTION 6 What is Echo's reserve entry (in millions) on its balance sheet prior to the change in the reserve requirement? 24 39.6 45 36 None of the above QUESTION 7 What is Echo's loan account balance (in millions) after the change in the reserve requirement? 285.6 221 224.40 306 255