If a bank has $10 million on deposit, and the federal reserve specifies a reserve requirement of 30 percent, then how much money would the bank need at all times on hand?

$3 million

Explanation:

The reserve requirement is the fraction of all deposited liabilities that a bank must have on hand at all times instead of investing. If the Federal Reserve specifies a 30% requirement and the bank has $10 million on deposit, the amount needed at the bank, at all times, is:

The bank must have a reserve of $3 million

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