Question 1: Use the following information to calculate Queen Saving's low and high estimate for its liquidity position: Queen Savings is attempting to determine its liquidity requirements for the month of September. September is usually a month of heavy loan demand due to the beginning of the school term and the buildup of business inventories of goods and services for the fall season and winter. This bank has analyzed its deposit accounts thoroughly and classified them as shown in the table below. Source ($'s in millions) Checking Deposits Savings Deposits Timing Deposits Totals Hot money funds $10 $5 $1,200 $1,215 Vulnerable funds $65 $152 $740 $957 Stable (core) funds $85 $450 $172 $707 Totals $160 $607 $2,112 $2,879 Management has elected to hold a 85 percent reserve in liquid assets or borrowing capacity for each dollar of hot money deposits, a 25 percent reserve behind vulnerable deposits, and a 5 percent reserve for its holdings of core funds. Assume time and savings deposit accounts carry a zero percent legal reserve requirement and all checkable deposits carry a 3 percent legal reserve requirement. Queen currently has total loans outstanding of $2,500, which two weeks ago were as high as $2,550. Its loans indicate annual growth rate over the past three years has been about 6 percent.

1. Question 1: Excluding the legal reserve requirements, for the month of September, what is Queen's low estimate for its liquidity position and what is its high estimate for its liquidity position ? Please round to the nearest dollar and show in the $x,xxx format Please show your work