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In: Economics

Phil Frugal has been saving his pennies in penny jars since he was 5 years old....

Image for Phil Frugal has been saving his pennies in penny jars since he was 5 years old. He is now 45 and deposits his

Phil Frugal has been saving his pennies in penny jars since he was 5 years old. He is now 45 and deposits his savings in a bank, His pennies total $5000. Using this information and your knowledge of the banking system, place the definition and dollar amounts below in their appropriate bins. (Assume a required reserve ratio of 10%.)

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Rahul Sunny answered 2 years ago
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