AXIS Bank has calculated its daily average deposits and vaults 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
The 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 banks daily average required level of legal reserve? (b) How much must the bank hold on a daily average basis with the Central Bank?