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1) A year ago, you deposited= $40000 into retirement savings account at the fixed rate of 5.5%. Today, you could earn the fixed rate of 6.5% on similar type account. Though, your rate is fixed and can’t be adjusted. How much less could you have deposited last year if you could have earned the fixed rate of 6.5% and still have equal amount as you presently will when you retire 39 years from today?

2) ABC national bank got new demand deposits (dd) of= $1,650,000. Present reserve necessity is 6%. The bank has= $80,000 in vault cash= $110,000 in deposits at Federal Reserve that are not yet invested. How much in excess reserves does bank have available to make loans?

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