Answer:
The amount or the level of excess reserves is $11 million
Explanation:
The formula to compute the excess reserve level is as:
Excess reserve = Deposit with Federal Reserve (Legal Reserve) + Required reserve
where
Deposit with Federal Reserve is 9 million dollars
Required reserve is 2 million dollars
Putting the Values above:
Excess Reserve = $9 million + $2 million
= $11 million
