City Bank has estimated thot its average daily net transaction accounts balance over the recent 14 day computation period was $229.50 million. The average daily balance with the Fed over the 14 day maintenance period was $8.5 millon, and the average dally balance of vault cash over the fwo-week computation period was $6 million. EXAMPLE 13-2 Computation of Dally Aserage Required Reserve [? Consider ABC Bank's meserve manager, who wants to assess the bank'i minimum cash reserve requirement target. The manager knows the bank's net transaction accounts bal. ance at the cloce of the bankine day on each of the 14 days over the period Tuesdly. June 30, to Monday. July 13. Consider the realized net trantaction account ponitions of ABC Bank in Table 13-25. The minimum dally average reserves that a bank mips maintain is computed as a procitape of the daily merape net trinsaction accounts held by the bank over the two-wexk computation period, where Friday's balanees are carried over for Saturity and Sanday. The minimum daily avenge for ABC Bank to hold against the daily arenge of $1.350,70 million in net transaction accounts is calculided is follows (ansounts ia miltions): Daily merape net traniaction iccounts Reserve percentage = Daily averape meserves nequired a. Under the rules effective in 2020, what is the amount of awerage dally reserves required to be held during the reserve maintenance period for these demand deposit batances? b. What is the average dally balance of reserves held by the bank over the maintenance period? By what amount were the average reserves held higher of lower than the required reserves? a. Under the rules effective in 2020 , what is the amount of average dally reserves required to be held during the reserve maintenance period 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 average reserves held higher or lower than the required reserves? c. If the bank had transferred $35 million of its deposits every Friday over the two week computation period to one of its off-shore facilities, what would be the revised average dally reserve fequirement? Complete this question by entering your answers in the tabs below. Under the rules effective in 2020 , what is the amount of averoge dady reserves required to be held during the reserve maintenance period for these demand deposit balances? (Do not round intermediate calculations. fiter vour answer in What is the average daily balance of reserves held by the bank over the maintenance period? average reserves held higher or lower than the required reserves? (Input the amount as a po in millions rounded to 3 decimal places. (e.g., 32.161)) Complete this question by entering your answers in the tabs below. If the bank had transferred $35 million of its deposits every Friday over the two week computation period to one of its offshore facilities, what would be the revised average dally reserve requirement? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161))