Suppose an individual deposits $1,500 into her chequing account, which eventually leads banks to increase cash reserves of $1,500 and initiates $36,000 in additional loans. The target reserve ratio is...

Suppose an individual deposits $1,500 into her chequing account, which eventually leads banks to increase cash reserves of $1,500 and initiates $36,000 in additional loans. The target reserve ratio is [blank1]%.

Specify your answer in percentage terms, rounded to 1 decimal place.