The average dally net transaction accounts of a local bank during the most recent reserve computation perlod is $$344$

million. The amount of average dally reserves at the Fed during the reserve maintenance perlod is $$26\mathrm{.}50$ million, and the

average dally vault cash corresponding to the maintenance period is $$6\mathrm{.}0$ million.

EXAMPLE $13-2$ Computation of Daily Average Required Reserves

Consider ABC Bank's reserve manager, who wants to assess the bank's minimum cash

reserve requirement target. The manager knows the bank's net transaction accounts bal$-$

ance at the close of the banking day on each of the $14$ days over the period Tuesday,

June $30,$ to Monday, July $13.$ Consider the realized net transaction account positions of

ABC Bank in Table $13-25.$

The minimum daily average reserves that a bank mukt maintain is computed as a

percentage of the daily average net transaction accounts held by the bank over the two$-$week

computation period, where Friday's balances are carried over for Saturday and Sunday. The

minimum daily average for ABC Bank to hold against the daily average of $$1,350\mathrm{.}70$ million

in net transaction accounts is calculated as follows $($amounts in millions$)$:

Daily average net

transaction accounts $$ Reserve percentage $=$ Daily average reserves required

a$.$ Under the rules effective In $2020,$ what is the average dally reserve balance required to be held by the bank during the

malntenance perlod?

b$.$ Is the bank In compliance with the reserve requirements?

Complete this question by entering your answers in the tabs below.

Under the rules effective in $2020,$ what is the average daily reserve balance required to be held by the bank during the

maintenance period? $($Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.

e$.$g$.,32\mathrm{.}16))$