In an economy a la Diamond and Dybvig (1983) where the long-term investment has a return of R = 2.25, and the bank offers r1 = 1.4 for early withdrawals or r2 = 1.87 for late withdrawals, would 69% of depositors withdrawing in the first period generate a bank run?

a. Yes

b. Yes, but only if late depositors would earn a return less than r2

c. No

d. Yes, but only if there is deposit insurance in place