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Question
The desired reserve ratio is 10 percent. Joe deposits $1,000 in Bank A. Bank A keeps its minimum desired reserves and lends the excess to Fred. Fred spends his loan at J.C. Penney. J.C. Penney deposits the check it receives from Fred in Bank B. Bank B keeps its minimum desired reserves and lends the excess to Mary. How much can Bank B lend to Mary?A) $900
B) $90
C) $810
D) $100
E) $1,000
Answer
This answer is hidden. It contains 1 characters.
Related questions
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