In the following bank balance sheet, amounts are in millions of dollars. The required reserve ratio is 4% on the first $30 million of checkable deposits and 10% on any checkable deposits over $30 million. Assets Reserves Loans Liabilities $32.7 Checkable deposits $180.0 $20.0 Securities Total a. Calculate the bank's excess reserves. Excess reserves are $ 16.5 million. (Enter your response rounded to one decimal place.) $150 Net worth $17.3 $200 Total $200 b. Suppose that the bank sells $5 million in securities to get new cash. Show the bank's balance sheet after this transaction. (Enter your responses rounded to one decimal place.) Assets Reserves Loans Securities What are the bank's new excess reserves? Excess reserves are $21.5 million. (Enter your response rounded to one decimal place.) Liabilities $37.7 Checkable deposits $150 Net worth $12.3 $180 $20 c. Suppose that the bank loans all its excess reserves in part (b) to a local business. Show the bank's balance sheet after the loan has been made but before the business has spent the proceeds of the loan. (Enter your responses rounded to one decimal place.) Reserves Loans Securities Assets Liabilities $37.7 Checkable deposits $171.5 Net worth $12.3 Now what are the bank's excess reserves? Excess reserves are $ million. (Enter your response rounded to one decimal place.) $201.5 $20