What is the maximum dollar amount of the deposit

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1. Assume that you deposit $ 8,552 each year for the next 15 years into an account that pays 9 percent per annum. The first deposit will occur one year from today (that is, at t = 1) and the last deposit will occur 15 years from today (that is, at t = 15). How much money will be in the account 15 years from today??

2. Citizens Bank receives a $5,000 deposit. If the bank's reserve requirement ratio is 10%, what is the maximum dollar amount of the deposit that Citizens Bank can lend to other customers?

Reference no: EM131994864

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