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CTP · Question #618
CTP Question #618: Real Exam Question with Answer & Explanation
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Question
- (Topic 7) A bank's reserve requirement on demand deposits is 10%, and its earnings credit rate is 6%. If a company uses bank services amounting to $2,600 and has an excess of $550 in earnings credit, what is the average collected balance in the account based on a 30-day month?
Options
- A$123,921
- B$461,889
- C$585,810
- D$709,731
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