Business, 16.04.2020 20:37 stonedhero13

NewBank started its first day of operations with $212 million in capital. A total of $236 million in checkable deposits is received. The bank makes a $25 million commercial loan and another $27 million in mortgage loans. Required reserves are 10.3%. NewBank decides to invest $234 million in 30-day T-bills. The T-bills are currently trading at $4 comma 982 (including commissions) for a $5 comma 060 face value instrument. How many T-bills do they purchase? (Note: Information is based on NewBank's first month of operations.)

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NewBank started its first day of operations with $212 million in capital. A total of $236 million in...

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