The following net transaction accounts have been docu- mented by a bank for the computation of its reserve require- ments (in millions). (LG 13-4) Demand Tues- Wed- Thurs- Fri- Mon- day nesday day day day 11th 12th 13th 14th 17th deposits $300 $250 $280 $260 $280 Tues- Wed- Thurs- Fri- Mon- day day day day day 18th 19th 20th 21th 24th Demand deposits $300 $270 $260 $250 $240 The average daily reserves at the Fed for the 14-day reserve maintenance period have been $22.7 million per day, and the average vault cash for the computation period has been estimated to be $2 million per day.

a. What is the amount of the average daily required. reserves to be held by the bank during the maintenance period?

b. Is the bank in compliance with the requirements?