A Bank Has Total Assets of $620 Million and $68

A bank has total assets of $620 million and $68.2 million in equity. The managers of the bank realize that $18.6 million of its $372 million loan portfolio will not be repaid. After the bank charges off these unexpected bad loans the bank's equity to asset ratio will be ________.

A) 11.00 percent
B) 10.64 percent
C) 9.77 percent
D) 8.25 percent
E) 8.00 percent