67. A bank must maintain an average daily balance at the Fed of $700. On the first day of the maintenance period they maintain a balance of $750, the next two days they maintain a balance of $725, the next three days they maintain a balance of $625, the next two days they maintain a balance of $775, the next two days they maintain a balance of $700 and the next two days they maintain a balance of $675. What does their balance have to be on the last day of the maintenance period in order to have a cumulative reserve deficit?
67. A bank must maintain an average daily balance at the Fed of $700. On the first day of the maintenance period they maintain a balance of $750, the next two days they maintain a balance of $725, the next three days they maintain a balance of $625, the next two days they maintain a balance of $775, the next two days they maintain a balance of $700 and the next two days they maintain a balance of $675. What does their balance have to be on the last day of the maintenance period in order to have a cumulative reserve deficit?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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67. A bank must maintain an average daily balance at the Fed of $700. On the first day of the maintenance period they maintain a balance of $750, the next two days they maintain a balance of $725, the next three days they maintain a balance of $625, the next two days they maintain a balance of $775, the next two days they maintain a balance of $700 and the next two days they maintain a balance of $675. What does their balance have to be on the last day of the maintenance period in order to have a cumulative reserve deficit?
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