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  1. First Bank Inc. has estimated that its average daily demand deposits during its recent reserve computation period was $580 million. -What is the average daily required reserves to be held by the bank during the maintenance period? Under current regulations, the reserve requirement is 0% for the first $15.2m, 3% between $15.2m-$110.2 million, and 10% thereafter.

-The bank has maintained an average of $5.77m per day as cash in vault, and $52.4m per day as reserves at the Fed during the maintenance period. Is the bank in compliance with the requirements for the current period? Explain.

-How much Fed Funds should they have purchased or sold during the maintenance period in order to maintain the exact reserve requirements?


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