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If the required reserves of a bank is 20% and N10 000 is paid into...

Economics
JAMB 2008

If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves?

  • A. N2000
  • B. N18 000
  • C. N12 000
  • D. N8 000
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Correct Answer: Option D
Explanation

Reserve = \(\frac{20}{100} X 10,000 = 2000 

Excess reserve = 10,000 - 2000 = 8000

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