The Reserve Requirement Is 0 Percent on the First $8

The reserve requirement is 0 percent on the first $8 million in transaction deposits, 3 percent on amounts between $8 million and $50 million, and 10 percent on amounts above $50 million.A bank with transaction deposits totaling $7 million has required reserves equal to

A) $0.00 million.
B) $0.21 million.
C) $0.70 million.
D) $1.17 million.