A bank expects to raise 20 million in new money if it pays, Financial Management

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A bank expects to raise 20 million in new money if it pays

A bank expects to raise $20 Million in new money if it pays a deposit rate of 8%, and $120 in new money if it was a deposit rate of 8.5%. The bank expects to earn 9.5% on all money that is receives in new deposits. What is the marginal cost of deposits if the bank raises their deposit rate form 7.55 to 8%. Can someone help me solve this with all of the problem worked out long hand?

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Financial Management: A bank expects to raise 20 million in new money if it pays

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Financial Management: A bank expects to raise 20 million in new money if it pays

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