Suppose the current reserve requirements set by the Federal Reserve are as follows:

A bank has vault cash of $2 million, reserve deposits at the Federal Reserve of $25 million, transaction deposits of $275 million, and nonpersonal time deposits of $100 million. Calculate this bank’s required reserves, excess reserves, and total reserves.

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Type of Liability Reserve Requirements $0 to $10.7 million More than $10.7 million to $55.2 million More than $55.2 million Nonpersonal time deposits Eurocurrency liabilities Requirement (percentage of liabilities) 0 3 10 3 0