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A bank has an average balance of transactions account, August 10 to 23, of $933.34 million. The average balance in the cash account is $32.214 million over this period. The bank is carrying forward a deficit of $2.276 million from the last reserve period. Calculate the net reserve requirement for the reserve maintenance period from September 9 to 22. Calculate the minimum reserves that may be maintained and the maximum reserves that will count toward the next reserve maintenance period, September 22 to October 6.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92370170

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