(Answered) Question efg corporation has posted an average deposit

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Question: EFG Corporation has posted an average deposit balance this past month of $270,503. Float included in this one-month average balance has been estimated at $73,250. Required legal reserves are 3 percent of net collected funds. What is the amount of net investable (usable) funds available to the bank holding the deposit? Suppose EFG's bank agrees to give the firm credit for an annual interest return of 3.75 percent on the net investable funds the company provides the bank. Measured in total dollars, how much of an earnings credit from the bank will EFG earn?

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