The Federal Reserve purchases $10 million in U.S. Treasury bonds from a bonddealer, and thedealer's bank credits thedealer's account. The required reserve ratio is 11 percent, and the bank typically lends any excess reserves immediately.

Assuming that no currency leakageoccurs, calculate how much will the bank be able to lend to its customers following theFed's purchase.

$ million. (Enter your response rounded to two decimalplaces.)