The Federal Reserve purchases ​$11 million in U.S. Treasury bonds from a bond​ dealer, and the​ dealer’s bank credits the​ dealer’s account

The Federal Reserve purchases ​$11 million in U.S. Treasury bonds from a bond​ dealer, and the​ dealer’s bank credits the​ dealer’s account. The required reserve ratio is 12​%, and the bank typically lends any excess reserves immediately.

Assuming that no currency leakage​ occurs, calculate how much will the bank be able to lend to its customers following the​ Fed’s purchase. ​$_______ million.  

​(Enter your response rounded to two decimal​ places.)

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