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As at December 2021 Riverdale Bank had a pool of assets with common credit risk characteristics. Its past 5-year performance is (all amounts are in

As at December 2021 Riverdale Bank had a pool of assets with common credit risk characteristics. Its past 5-year performance is (all amounts are in $millions):

YEAR

AMORTIZED COST

AVERAGE BALANCE

ANNUAL NET CHARGE OFF

2017

80,100

67,849

1,230

2018

83,159

71,089

1,859

2019

89,068

75,894

1,583

2020

94,956

80,784

1,724

2021

98,784

85,784

2,186

Riverdale estimates that payments on the pool of assets over the next 5 years (i.e., 2022 to 2026) will be $21,089, $25,961, $20,473, $17,567, and $13,694, respectively.

What was Riverdale's charge off rate in 2019?

A. 2.62%

B. 2.13%

C. 2.09%

D. 2.55%

E. 2.24%

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