Use the data in the table below to answer this question.
Currency held by the public $200 billion
Checkable deposits $700 billion
Traveler's checks $10 billion
Small time and savings deposits $500 billion
Money market accounts $200 billion
Overnight repurchase agreement $120 billion
Overnight Eurodollars $100 billion
Total bank reserves $87.5 billion
Excess reserves $0
In this instance, the required reserve ratio is"
a. 9.6%
b. 10%
c. 12.5%
d. impossible to determine from the information given