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The following is the balance sheet of a depository institution, in millions of dollars: Assets Liabilities and equity Cash $ 2. Demand deposits $60 Loans 60 Covered bonds 2 plant and equipment Equity The asset-liability management committee has estimated that the loans, whose average interest rate is 4.6 per cent and whose average life is 5 years, will have to be discounted at 7 per cent if they are to be sold in less than two days. If they can be sold in four days, they will have to be discounted at 6 per cent. If they can be sold later than a week, the depository institution will receive the full market value. Loans are not amortised; that is, the principal is paid at maturity. In a crisis, if depositors all demand payment on the first day, they receive $ on a first come first served basis? Assume no deposit insurance. The following is the balance sheet of a depository institution, in millions of dollars: Assets Liabilities and equity Cash $ 2. Demand deposits $60 Loans 60 Covered bonds 2 plant and equipment Equity The asset-liability management committee has estimated that the loans, whose average interest rate is 4.6 per cent and whose average life is 5 years, will have to be discounted at 7 per cent if they are to be sold in less than two days. If they can be sold in four days, they will have to be discounted at 6 per cent. If they can be sold later than a week, the depository institution will receive the full market value. Loans are not amortised; that is, the principal is paid at maturity. In a crisis, if depositors all demand payment on the first day, they receive $ on a first come first served basis? Assume no deposit insurance

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