AXIS Bank has calculated its daily average deposits and vault cash holdings for the most recent two week computation period as follows:

Net transaction deposits$90,000,000

Nonpersonal time deposit under 18 months to maturity$169,000,000

Eurocurrency liabilities$7,000,000

Daily average balance in the vault cash$2,000,000

Suppose the reserve requirements posted by the Central Bank are as follows:

Net transaction accounts:

$10.7 to $58.8 million 3%

More than $58.8 million 10%

Nonpersonal time deposits:

Less than 18 months 3%

18 months or more 0%

Eurocurrency liabilities-all types 3%

(a) What is the bank's daily average required level of legal reserve?

(b) How much must the bank hold on a daily average basis with the Central Bank?