A bank holds $3 million in vault cash and deposits at the Fed during the reserve maintenace period.

It also had the following average deposit balances during the reserve computation period:

NOW Accounts $37 million

Demand Deposits $42 million

CDs $126 million

The legal reserve requirements set by the Fed are the following:

Deposit Balance ($mil)

Reserve Requirement

< $13.3 0%

$13.3 - $89 3%

> $89 10%

Calculate the quantity ofexcessreserves (in $millions) that the bank held during the reserve maintenance period. Enter the value as a number rounded to two decimals using no dollar signs (e.g. $30 million is entered as 30.00).