22)A CMBS issuance is $1,550,000,000, of which the AAA tranches total $1,356,250,000 of principal balance, the AA tranche is $62,000,000 and the Single A tranche is $55,800,000. The subordination level, expressed as a percent, of the of the Single A('A') tranche is

(a) 11% (b) 4.9% (c) 8.5% (d) 3.9% (e) 3.6%