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 III: The third deposit that Apex Savings Bank received was $17,900. If Apex Savings Bank
was free to loan out $17,452.50, what was the reserve rate at the time? How much was it
required to keep on reserve?