Refer to the Accompanying Table

Multiple Choice

$$\begin{array} { | l | c | } \hline { \text { Type of Deposit } } & \text { Reserve Requirement } \\\hline \text { Checkable Deposits } & \\\hline \$ 7.8 \text { - 48.3 Million } & 3 \% \\\hline \text { Over \$48.3 Million } & 10 \\\hline \text { Noncheckable personal savings and time deposits } & 0 \\\hline\end{array}$$ Refer to the accompanying table. If a bank has $60 million in savings deposits and $40 million in checkable deposits, then its required reserves are

A) $30 million.
B) $3 million.
C) $1.8 million.
D) $1.2 million.