Question $3$: First Savings of Rainbow, lowa, reported transaction deposits of $$75$ million $($the daily average for the latest two$-$week reserve

computation period$).$ Its non$-$personal time deposits over the most recent reserve computation period averaged $$37$ million daily, while vault

cash averaged $$5$ million. Assuming that reserve requirements on transaction deposits are $3$ percent for deposits over $$10\mathrm{.}7$ million and up to

$$58\mathrm{.}8$ million, and $10$ percent for all transaction deposits over $$58\mathrm{.}8$ million. If time deposits carry a $3$ percent required reserve, what is the

bank's required daily average legal reserve balance. Show your answer in the x$,$xxx$,$xxx format, enter $$5,145,335$ as $5,145,335.$