The following net transaction accounts have been documented by a bank for the computation of its reserve requirements (in millions) The average dally reserves at the Fed for the 14-day reserve maintenance period have been $23.8 million per day, and the average vault cash for the computation period has been estimated to be $3 million per day. EXAMPLE 13-2 Computation of Dally Average Required Reserves Consider ABC Bonk's reserve manager, who wants to axvess the bank's minimum cash reserve requirement target. The manager knows the bank's net transaction accounts balance at the close of the banking day on each of the 14 days over the period Tuenday, June 30, to Monday, Jaly 13. Consider the realized net trancaction account positions of ABC Bank in Tuble 13-25. The minimum doily average reserves that a bank mide maintain is computed as if prrentaye of the daly merage nel trinasction nccounts beld by the bank over the two week competation period, where Friday's balances are carried over for Saturfay and Sunday. The minimam daily average for ABC Bank to hold againat the daily averago of $1,350.70 miltion in net tramwetion nocoumb is calcultated as follows (amounts in millions) Dully avereige net tranisction accounts Reserve percentage = Daily avernge reserves required a. What is the amount of the average daily required reserves to be held by the bank during the maintenance period? b. Is the bank in compliance with the requirements? Complete this question by entering your answers in the tabs below. What is the amount of the average daily required reserves to be held by the bank during the maintenance period? (Do not round your intermediate calculations. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161)) a. What is the amount of the average dally required reserves to be held by the bank during the maintenance period? b. Is the bank in compliance with the requirements? Complete this question by entering your answers in the tabs below. Is the bank in compliance with the requirements? EXAMPLE 13-2 Computation of Dally 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 balance 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 mutt 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 $1,350.70 million in net transaction accounts is calculated as follows (amounts in millions): Daily average net transaction accounts Reserve percentage = Daily average reserves required