Fernando Bank Has Interest Expense of $150 Million, Earning Assets

Fernando Bank has interest expense of $150 million, earning assets of $1,400 million and a NIM of 5.00%. The bank also has interest-bearing liabilities of $1,100 million. Fernando Bank's spread is

A) 1.10%
B) 1.65%
C) 1.94%
D) 2.08%
E) 2.16% [(0.05 x 1,400) + 150]/1,400 - (150/1,100) = 2.08%