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As per my understanding, the formula to calculate for the transaction fees is a * tx' + b where tx' is the size of the transaction (in bytes).

Now the current value of a & b is 44 & 155381 respectively and bounding tx' by 16384, I get that fees is always <= 0.876277 ada. And therefore the ada only balance needed as collateral should always be <= ⌈1.5 * 0.876277⌉ = 1.314416 ada (collateral percentage is set to 150 inside current protocol parameters).

Is the above formulation correct?

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Your formula is correct if no Plutus script is executed in the transaction. If a Plutus script validates the transaction, then one needs to add the cost of the most costly possible Plutus script. Here is a recipe: Language.Marlowe.Runtime.Transaction.Constraints.maximumFee.

The collateralPercentage procotol parameter will tell you how much greater than the fee the collateral requirement is. Currently it is 150%..

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