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The Shirley State Bank has $90 million in transaction deposits subject to legal reserves. The bank must hold 3 percent legal reserves up to $43.9 million of transaction deposits and 10 percent legal reserves on any amount above this. What is the bank's total legal reserve requirement? A. $2.700 million B. $1.449 million C. $5.927 million D. $4.170 million E. None of the options is correct

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92100817

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