; and (C) has not elected to be exempt under subsection (c)(1)(B). (3) Determination of grant amount (A) In general In awarding grants under this subsection, the Secretary shall determine a grant amount for each eligible institution according to the formula under subparagraph (B). (B) Grant amount formula (i) In general Except as provided in clause (iii), the grant amount for an eligible institution described in paragraph (2) for a fiscal year shall be equal to the Pell weight of such institution for the fiscal year, determined under clause (ii), multiplied by the amount available under paragraph (5) for such fiscal year. (ii) Pell weight (I) In general The Pell weight of an eligible institution for a fiscal year shall be equal to a percentage that is determined by dividing the institution's Pell enrollment determined under subclause (II) for the fiscal year by the total Pell enrollment determined under subclause (III) for the fiscal year. (II) Institution's pell enrollment An eligible institution's Pell enrollment for a fiscal year shall be equal to the percentage of bachelor's degree-seeking students enrolled at the institution for the academic year that ended immediately preceding such fiscal year who received a Federal Pell Grant for such academic year. (III) Total pell enrollment The total Pell enrollment for a fiscal year shall be equal to the sum of the percentages of bachelor's degree-seeking students enrolled at each eligible institution, described in paragraph (2), for the academic year that ended immediately preceding such fiscal year who received a Federal Pell Grant for such academic year. (iii) Maximum grant amount The maximum grant amount for an eligible institution described in paragraph (2) for a fiscal year shall be $2,000,000. An eligible institution may choose to receive a grant amount that is less than $2,000,000. Any amounts available under paragraph (5) for such fiscal year that are remaining after awarding grants in accordance with this subparagraph shall be used to carry out the