V Excess reserves act as insurance against deposit outflows. Suppose that on a yearly basis, Malcom Bank holds $12 million in excess reserves and $88 million in desired reserves. Malcom Bank can earn an interest of 3.50% on its loans and the interest paid on (total) reserves is 02% What would be the cost of this insurance policy? The cost of this insurance policy would be $ million. (Round your response to three decimal places.)