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How much is the earnings credit

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Reference no: EM132954798

The following information is provided:

Average Ledger Balance: $200,000

Deposit Float: $ 20,000

Reserve Requirement: 10%

Earnings Credit Rate: 2%

Services charges for the month: $350

Days in the month: 30

How much is the earnings credit? Is it sufficient to cover the service charges?

Reference no: EM132954798

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