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. The minimum reserves that may be maintained toward the next reserve maintenance period, September 23 to October 6, is

A) $33.3170 million.
B) $38.2470 million.
C) $39.0073 million.
D) $35.0876 million.
E) $41.4064 million.