Question: Given the following hypothetical daily average information for a specific DI (in millions of dollars) and the following reserve ranges: DDAs = 1,211.875 $0 -

Given the following hypothetical daily average information for a specific DI (in millions of dollars) and the following reserve ranges:

DDAs = 1,211.875 $0 - $10.3 0%

NOW = 313 $10.3 - $44.4 5%

CIPC = 119.89 Over $44.4 12%

DD bal. with U.S. banks = 219.5

Vault Cash = 37.05

Assume there is no shortage or surplus from the previous maintenance period and calculate the daily average level of reserves that need to be maintained with the Fed.

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