Question: First Savings of Pierce, Iowa, reported transaction deposits of $75 million (the daily average for the latest two-week reserve computation period). Its nonpersonal time deposits over the most recent reserve computation period averaged $37 million daily, while vault cash averaged $0.978 million over the vault-cash computation period. Assuming that reserve requirements on transaction deposits are 3 percent for deposits over $7.8 million and up to $48.3 million and 10 percent for all transaction deposits over $48.3 million while time deposits carry a 3 percent required reserve, calculate this savings institution's required daily average reserve balance at the Federal Reserve Bank in the district.