City Bank has estimated that its average daily net transaction accounts balance over the recent 14-day computation period was $238.50 million. The average daily balance with the Fed over the 14-day maintenance period was $9.5 million, and the average daily balance of vault cash over the two-week computation period was $6 million. EXAMPLE 13-2 Computation of Dally Average Required Reserves {0} Consider ABC Bank's reserve manager, who wants to asvess the bank's minimum cash reserve requirement target. The manager knows the bank's net transaction accounts balance at the close of the banking day on each of the 14 days over the period Tuesday. June 30, to Mondry. July 13. Convider the realued net transaction account positions of ABC Bank in Table 13-25. The minimum daily average reserves that a bank medt maintain is computed as a pereentage of the daily average net transaction accounts beld by the bank over the two-wok computation period, where Friday's bulances are carried over for Saturday and Sunday. The minimugn daily averape for ABC Bank to hold againt the daily average of $1.350.70 million in net transaction accounts is calculated as follows (amounts in millions): Daily average net tranuction accounts Reserve persentage = Daily avenage reserves required a. Under the rules effective in 2020, whot is the amount of average daily reserves required to be held during the reserve maintenance peniod for these demand deposit balances? b. What is the average dally balance of reserves held by the bank over the maintenance period? By what amount were the overage reserves held higher or lower than the required reserves? c. If the bank had transferred $21 million of its deposits every Friday over the two-week computation period to one of its off-shore focilities, what would be the revised overage datly reserve requirement