A Bank Has an Average Balance of Transactions Accounts, August

Multiple Choice

A bank has an average balance of transactions accounts, August 10 to 23, of $824.46 million.The average balance in the cash account is $42.014 million over this period.The bank is carrying forward a deficit of $1.276 million from the last reserve period.The rules require no reserves to be maintained for the first $8.5 million, 3 percent for amounts between $8.5 million and $45.8 million, and 10 percent thereafter. What is the reserve to be maintained with fed?

A) $38.247 million.
B) $34.419 million.
C) $36.971 million.
D) $35.087 million.
E) $35.695 million.