FINA4600-Reserve Requirements (This problem is adapted from: Koch and MacDonald, Bank Management, 5h edition, Thomson South- Western, 2003.) At the close of business on Wednesday, Gene Wandling 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 $237 million in reserve deposits with the Fed. The bank had a daily average reserve deficiency during the previous maintenance period of $7.8 million, which was within the allowable four percent limit. Hawkeye National Bank's daily average transactions accounts for the base computation periods along with other selected information are listed below Daily Average (millions of dollars): Transactions accounts Balances due from U.S. depositories C.I.P.C 3,257 366 181 31 Net enscho? Vault Cash a. Calculate the bank's Gross Reserve Requirement (using current Fed requirements)