Key Bank started its first day of operations with $$12$ million in capital on April $1,2021.$ $$270$ million in checkable deposits was

received. The bank invested in a $$120$ million commercial loan and $$72$ million mortgages, with the following term:

Mortgages: $160$ standard $30-$year, fixed$-$rate with a nominal annual rate of $2\mathrm{.}5\%$ each for $$450,000.$

Commercial loan: $5-$year loan, simple interest paid monthly at $0\mathrm{.}5\%$ per month

The bank also purchased $$60$ million in $30-$day T$-$bills. The T$-$bills were trading at $$995\mathrm{.}50$ for a $$1,000$ face value.

On April $2,2020,$ deposits fell by $$7\mathrm{.}5$ million. If the required reserve ratio was $10\%,$ what was the banks shortfall in reserves?

$$3,750,000$

$$2,500,000$

$$4,100,000$

$$1,900,000$