2. Assume Apex Savings Bank received three different deposits, and that the reserve rate was different at the time of each deposit.
(6 points: Part 1 - 2 points; Part II - 2 points; Part III - 2 points)
Part I: The first deposit that Apex Savings Bank received was $15,300. If the
reserve rate at the time was 3.5%, how much of the deposit was Apex Savings
Bank required to keep on reserve? How much was it free to loan out?

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