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The following net transaction accounts have been documented by a bank for the computation of its reserve requirements (in millions) 24th Tuesday Wednesday Thursday Friday
The following net transaction accounts have been documented by a bank for the computation of its reserve requirements (in millions) 24th Tuesday Wednesday Thursday Friday Monday Tuesday Wednesday Thursday Friday Monday 19th $390 20th $380 21th $370 $360 18th 17th $380 $400 $420 14th 11th $420 12th $370 13th $400 Net transaction accounts The average daily reserves at the Fed for the 14-day reserve maintenance period have been $35.7 million per day, and the average vault cash for the computation period has been estimated to be $4 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 rounded to 3 decimal places. (e.g., 32.161)) million Average daily required reserves b. Is the bank in compliance with the requirements? Yes 0
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