AFP
CTP · Question #413
(Topic 5) If a bank has a 10% reserve requirement, a 31-day month, and an earnings credit rate of 6.5%, which of the following is the approximate level of collected balances required to support…
The correct answer is C. $201. See the full explanation below for the reasoning.
Question
- (Topic 5)
If a bank has a 10% reserve requirement, a 31-day month, and an earnings credit rate of 6.5%, which of the following is the approximate level of collected balances required to support $1.00 worth of bank service charges?
Options
- A$181
- B$199
- C$201
- D$206
How the community answered
(26 responses)- A8% (2)
- B4% (1)
- C85% (22)
- D4% (1)
Community Discussion
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