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A major Australian bank has assets of $34.18 billion. After applying the regulator-stipulated risk weightings,...

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Finance

A major Australian bank has assets of $34.18 billion. After applying the regulator-stipulated risk weightings, the institution estimates total risk-weighted assets of $9.85 billion.

Assuming APRA's CET1 Ratio of 10.5%, how much ($millions) must be CET1 capital out of the Bank's total capital requirement?

Express your answer in millions of dollars to two decimal places. Do not write "$" and do not write "millions".

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