A bank received an initial deposit of $12,000, kept a percentage of this money in reserve based on a reserve rate of 6%, and loaned out the rest. The amount it loaned out eventually was all deposited back into the bank. If this cycle continued indefinitely, how much money eventually resulted from the initial deposit?
A. $200,000
B. $72,000
C. $19,200
D. $20,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A bank received an initial deposit of $12,000, kept a percentage of this money in reserve based on a reserve rate of 6%, and loaned out the ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Melissa sold 18 raffle tickets for the school fundraiser. Shoulder is sore half as many tickets as Melissa. If each ticket cost $6, how much money did the student raise?
Answers (1)
Which expression is the simplest form of - (2x+y) + 3 (x-4y) ? A. x-11y B. x-13y C. x-12 D. x-3y
Answers (2)
What does c equal in this equation 6c + 11 = 2c + 59
Answers (1)
A full year membership costs 325.00 with no monthly fee. a monthly membership costs 100.00 upfront and 30.00 a month. for what number of months is it less expensive to have a monthly membership
Answers (1)
The distance between Cleo's home and work is 9 kilometers. She travels between home and work 36 times each month. How many kilometers does Cleo travel between home and work each month?
Answers (1)
New Questions in Mathematics
1 Hector puts a fence around his rectangular garden that is 14 feet long and 10 feet wide. How much fence does Hector use? Hector uses feet.
Answers (1)
On your geometry test you have two triangles: ΔABC and ΔMNO. You are told that ∠A ≅ ∠ M and that ∠B ≅ ∠ N. Which statement is also true? A) ∠C ≅ ∠O B) ∠A is a right angle C) ΔABC ≅ ΔMNO D) ΔMNO is a right triangle.
Answers (1)
Sara spends 30 minutes doing homework and Dan spends 1 1/4 of an hour doing homework how many more minutes did dan do his homework then sara
Answers (1)
What is the result when the number 15 is decreased by 6%? Round your answer to the nearest tenth.
Answers (1)
What is the slope for 12 34
Answers (1)