If you ran a bank with checkable deposits of $30 million, you would need to hold reserves of how much? (Use the table below.)
Legal Reserve Requirements for Checking Accounts,
*Effective December 27, 2012
$0 million -- $12.4 million .............................................................................. 0%
$12.4 million -- $79.5 million ............................................................................ 3
Over $79.5 million ........................................................................................ 10
........................................................... * Time deposits have 0% reserve requirement.
Reserve requirement is: $.