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Business, 27.11.2019 02:31 keenansimpkinsoy0oqc

First savings reported transaction deposits of $105 million (the daily average for the latest two-week reserve computation period). its non-personal time deposits over the most recent reserve computation period averaged $37 million daily. assume that reserve requirements are 0% for transaction deposits $0 to $13.3 million, 3% for transaction deposits $13.3 million to $89 million, and 10% for transaction deposits over $89 million. also assume time deposits carry a 0% required reserve. calculate this savings institution’s required daily average reserve balance.

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