City Bank has estimated that its average daily net transaction accounts deposit balance over the recent 14-day reserve computation period was $225 million. The average daily balance with the Fed over the 14-day maintenance period was $9 million, and the average daily balance of vault cash over the two-week computation period was $7.5 million.

a.Under the rules effective in 2012, what is the amount of average daily reserves required to be held during the reserve maintenance period for these net transaction accounts balances?

Can you please show your work.

Thanks