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
(i) 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?
(ii) By what amount were the average reserves held higher or lower than the required reserves?