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Which of the following are true about the efficiency ratio? It is basically defined as the non-interest cost it takes to generate $1 of revenue

Which of the following are true about the efficiency ratio?
1. It is basically defined as the non-interest cost it takes to generate $1 of revenue
2. It includes interest expense
3. A good metric is less than 70%
4. Truist projects a 65% efficiency ratio
5. Historically USBank has had the best efficiency ratio among the US top twenty banks
6. The higher the better

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