Consider two local banks. Bank A has 88 loans outstanding, each for $1.0 million, that it expects will be repaid today. Each loan has a 6% probability of default, in which case the bank is not repaid anything. The chance of default is independent across all the loans. Bank B has only one loan of $88 million outstanding, which it also expects will be repaid today. It also has a 6% probability of not being repaid. Calculate the following: a. The expected payoff of Bank A. b. The expected payoff of Bank B. c. The standard deviation of the overall payoff of Bank A. d. The standard deviation of the overall payoff of Bank B. The expected payoff of Bank A is $ million. (Round to two decimal places.) b. The expected payoff of Bank B. The expected payoff of Bank B is $ million. (Round to two decimal places.) c. The standard deviation of the overall payoff of Bank A. Hint: Calculate the standard deviation of each loan using the following formulas: Var (R) = E [R-E [R]2] = EPRX(R-E [R])2 R SD (R) = Var (R) And consider that the bank has 88 loans that are all independent of each other. The standard deviation of the overall payoff of Bank Ais $ million. (Round to two decimal places.) d. The standard deviation of the overall payoff of Bank B. The standard deviation of the overall payoff of Bank B is $|| million. (Round to two decimal places.)