[Related to Solved Problem 13.11 Suppose that Bank of America pays a 3% annual interest rate on checking account balances while having to meet a reserve requirement of 10% Assume that the Fed pays Bank of America an interest rate of 0.3% on its holdings of reserves and that Bank of America can earn 8% on its loans and other investments How do reserve requirements affect the amount that Bank of America can earn on $1,000 in checking account deposits? Ignore any costs Bank of America incurs on the deposits other than the interest it pays to depositors The 10% reserve requirement reduces the amount Bank of America can earn on $1,000 by $ (Enter your answer rounded to two decimal places)