The maximum amount of money that can be created is $60 million.
The required reserve ratio is the percentage of all deposits that must be kept with the Central Bank as reserves. For example, if the required reserve ratio is 10%, it means that 10% of all deposits would be kept as required reserves while 90% can be lent out.
The maximum amount of money that can be created can be determined by dividing the amount deposited by the required reserve ratio.
The maximum amount of money = amount deposited / required reserve ratio
The maximum amount of money = $3 million / 0.05
= $60 million
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