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Angus Bank holds no excess reserves, but complies with the reserve requirement. The required reserves ratio is 9% and reserves are currently $27 million. Determine the amount of deposits, the reserve shortage created by a deposit outflow of $5 million and the cost of the reserve shortage if Angus Bank borrows in the federal funds market (assume the federal funds rate is 0.25%). Show all to the nearest $.

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Angus Bank holds no excess reserves, but complies with the reserve requirement. The required reserve...

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