Refer to the table in Question 13. Now suppose the Federal Reserve raised the reserve requirements on deposits between $10.7 million and $55.2 million to 5 percent but eliminated the reserve requirement on nonpersonal time deposits. Calculate the bank’s required reserves, excess reserves, and total reserves under these conditions.

Table in Question 13

Suppose the current reserve requirements set by the Federal Reserve are as follows

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Type of Liability Reserve Requirements $0 to $10.7 million More than $10.7 million to $55.2 million More than $55.2 million Nonpersonal time deposits Eurocurrency liabilities Requirement (percentage of liabilities) 0 3 10 3 0