20. Fractional reserve banking is a term used to describe a banking system wherebySelect one:a. individual banks share a fraction of the total funds deposited in the whole banking system.b. banks are required to quote interest rates in fractions.c. banks hold reserves equal to only a fraction of their deposit liabilities.d. banks hold reserves equal to a multiple of their deposit liabilities; that is, fractional in this case really means multiple.e. banks are required to maintain a certain fraction of their deposits in the form of checkable deposits, a certain fraction of their deposits in the form of savings deposits, etc.

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