Calculate the actual dollar amount the bank

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Reference no: EM13836575

Two weeks ago, you signed an employment contract and accepted the responsibility of a Branch Manager with the First Econ Bank in Dallas, TX. On your first day of job, at the close of the business day (May 2nd, 2015) after a closer examination of the bank’s books, you determined that the First ECON Bank had:

$100M in Bank’s Equity

$100M in Borrowed Funds

$100M in Demand Deposits

$100M in NOW Deposits

$100M in Money Market Deposits

$100M in Savings Deposits

$100M in Time Deposits

And $16.8M in Automatic Transfer Savings (ATS) Deposits (overdraft protection)

Calculate the actual dollar amount the First ECON Bank has to place aside to meet legal Reserve Requirements. Please show steps.

Reference no: EM13836575

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