The Federal Reserve purchases $11 million in U.S. Treasury bonds from a bonddealer, and thedealer's bank credits thedealer's account. The required reserve ratio is 19%, 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.)