(Solved by Expert Tutors) The Federal Reserve purchases ?$12 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 15 ?percent, 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 ??(Enter your response rounded to two decimal??places.)
I got 10.20 million is that correct?

 

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