The average daily net transaction accounts of a local bank during the most recent reserve computation period is $325 million. The amount of average daily reserves at the Fed during the reserve maintenance period is $24.60 million, and the average daily vault cash corresponding to the maintenance period is $4.3 million. (LG 13-4)

a. Under the rules effective in 2016, what is the average daily reserve balance required to be held by the bank during the maintenance period?

b. Is the bank in compliance with the reserve requirements?

 LO.1