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The following net transaction accounts have been documented by a bank for the computation of its reserve requirements (in millions). Tuesday 11th Wednesday 12th Thursday
The following net transaction accounts have been documented by a bank for the computation of its reserve requirements (in millions).
Tuesday 11th | Wednesday 12th | Thursday 13th | Friday 14th | Monday 17th | Tuesday 18th | Wednesday 19th | Thursday 20th | Friday 21th | Monday 24th | |
Net transaction accounts | $440 | $390 | $420 | $400 | $420 | $440 | $410 | $400 | $390 | $380 |
The average daily reserves at the Fed for the 14-day reserve maintenance period have been $37.2 million per day, and the average vault cash for the computation period has been estimated to be $3 million per day. |
a. | What is the amount of the average daily required reserves to be held by the bank during the maintenance period? (Do not round intermediate calculations. Enter your answer in millions |
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