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A bank has an average balance of transactions accounts, September 10 to 23, of $935.48 million. The average balance in the cash account is $47.033
A bank has an average balance of transactions accounts, September 10 to 23, of $935.48 million. The average balance in the cash account is $47.033 million over this period. The bank is carrying forward a deficit of $2.477 million from the last reserve period. The rules require no reserves to be maintained for the first $8.5 million, 3 percent for amounts between $8.5 million and $45.8 million, and 10 percent thereafter. If over the first 12 days of the current reserve maintenance period the average daily reserve held were $47 million, what does the bank need to hold as reserves over the last two days to exactly meet the reserve requirement? (DO NOT round intermediate calculations. Round your answers to 3 decimal places.) A bank has an average balance of transactions accounts, September 10 to 23, of $935.48 million. The average balance in the cash account is $47.033 million over this period. The bank is carrying forward a deficit of $2.477 million from the last reserve period. The rules require no reserves to be maintained for the first $8.5 million, 3 percent for amounts between $8.5 million and $45.8 million, and 10 percent thereafter. If over the first 12 days of the current reserve maintenance period the average daily reserve held were $47 million, what does the bank need to hold as reserves over the last two days to exactly meet the reserve requirement? (DO NOT round intermediate calculations. Round your answers to 3 decimal places.)
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