If the NCUA pays $1.92 billion to cover several failed credit unions, and doing so drains its reserve fund by 8.42%, approximately how much was in the fund to begin with? a. $24.7 billion b. $22.8 billion c. $20.9 billion d. $19.0 billion

Respuesta :

Answer:

b

Step-by-step explanation:

Based on the information given the amount that was in the fund to begin with is $22.8 billion.

Fund amount:

Using this formula

Fund amount=Credit unions amount paid/Reserve fund percentage

Where:

Credit unions amount paid=$1.92 billion

Reserve fund percentage=8.42% or 0.0842

Let plug in the formula

Fund amount=$1.92 billion/0.0842

Fund amount=$22.8 billion

Inconclusion  the amount that was in the fund to begin with is $22.8 billion.

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