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 gross reserve requirement?
A)$74.653 million.
B)$78.985 million.
C)$76.747 million.
D)$72.461 million.
E)$77.866 million.

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The Answer of 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 gross reserve requirement?
A)$74.653 million.
B)$78.985 million.
C)$76.747 million.
D)$72.461 million.
E)$77.866 million.

A Bank Has an Average Balance of Transactions Accounts, August