Reference no: EM131964150

City Bank has estimated that its average daily net transaction accounts balance over the recent 14-day computation period was $235 million. The average daily balance with the Fed over the 14-day maintenance period was $9.5 million, and the average daily balance of vault cash over the two-week computation period was $6 million. Picture a. Under the rules effective in 2013, what is the amount of average daily required reserves to be held at the Fed during the reserve maintenance period for these demand deposit balances? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161)) Average daily reserve required $ million b-1. What is the average daily balance of reserves held by the bank over the maintenance period? (Enter your answer in millions.) Average daily balance of reserves held $ 9.5 million b-2. By what amount were the average reserves held higher or lower than the required reserves? (Input the amount as a positive value. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161)) The average reserves were by $ million. c. If the bank had transferred $28 million of its deposits every Friday over the two-week computation period to one of its off-shore facilities, what would be the revised average daily reserve requirement? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161)) Revised average daily reserve requirements $ million.