The following net transaction accounts have been documented by a bank for the computation of its reserve requirements (in millions).

The average daily reserves at the Fed for the 14-day reserve maintenance period have been $ 22.7 million per day, and the average vault cash for the computation period has been estimated to be $ 2 million per day.
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 therequirements?

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Tues- Wed- Thr Fri Mon- day nesday day dyday 1th 12th 13th 14th 17th Net transaction accounts $300 $250 $280 $260 $280 TuesWed Thrs F Mon- day dayay day day 18th 19th 20th 21th 24th rI- Net transaction accounts 300 $270 $260 $250 $240