Let's suppose that a bank has $700 million in total deposits. This bank is subject to a 20% required reserve ratio and has $120 million in reserves. Which of the following statements is correct? Choose one: O A. The bank has insufficient reserves. It needs an additional $560 million to meet the reserve requirement. O B. The bank has insufficient reserves. It needs an additional $20 million to meet the reserve requirement. O C. The bank has no excess reserves. O D. The bank has $24 million in excess reserves. O E. The bank has $116 million in excess reserves