The table given below records the amount of new deposits, the value of required reserves, and total amount loaned out by Banks 1, 2, and 3. Table 12.3

Bank	New Deposit	Required Reserves	Loans
Bank 1	$10,000	$1,000	$9,000
Bank 2	$9,000	$900	$8,100
Bank 3	$8,100	$810	$7,290
*Assume all excess reserves are loaned out.

Refer to Table 12.3. If the reserve requirement changed to 8 percent, then total loans in the economy would be equal to _____.

$150,000

$170,000

$90,000

$70,000

$115,000