At the close of business on Wednesday, Gene Wendling was reviewing whether Hawkeye National Bank was successful in meeting its legal reserve requirements at the Federal Reserve over the past two-week maintenance period. During the maintenance period the bank held $195 million in reserve deposits with the Fed. The bank had a daily average reserve deficiency during the previous maintenance period of $6.5 million, which was within the allowable four percent limit.

Hawkeye National Banks daily average transactions accounts for the base computation periods along with other selected information are listed below:

Daily Average (millions of dollars)

Transactions accounts 3,257.9

Balances due from U.S. depositories 365.5

C.I.P.C. 251.8 Vault Cash 28.255

1. Calculate the banks Gross Reserve Requirement (using the hypothetical 1/1/2022 Fed requirements as given in Lecture Notes).