Advances in storage technology have introduced Non-Volatile Memory, NVM, as a new storage medium. NVM, along with Dynamic Random Access Memory (DRAM), Solid State Disk (SSD), and Disk present a system designer with a wide array of options in designing caching middleware. Moreover, design decisions to replicate a data item in more than one level of a caching memory hierarchy may enhance the overall system performance with a faster recovery time in the event of a memory failure. Given a fixed budget, the key configuration questions are: Which storage media should constitute the memory hierarchy? What is the storage capacity of each hierarchy? Should data be replicated or partitioned across the different levels of the hierarchy? We model these cache configuration questions as an instance of the Multiple Choice Knapsack Problem (MCKP). This model is guided by the specification of each type of memory along with an application's database characteristics and its workload. Although MCKP is NP-complete, its linear programming relaxation is efficiently solvable and can be used to closely approximate the optimal solution. We use the resulting simple algorithm to evaluate design tradeoffs in the context of a memory hierarchy for a Key-Value Store (e.g., memcached) as well as a host-side cache (e.g., Flashcache). The results show selective replication is appropriate with certain failure rates and workload characteristics. With a slim failure rate and frequent data updates, tiering of data across the different storage media that constitute the cache is superior to replication.