Question

For the month of Aprli, a checking account has a balance of $526 for 23 days, $2424 for 2 days, and $281 for 5 days. What is the account's mean daily balance for April? The accounts mean daily balance for April is approximately \{ (Round to two decimal places as needed.)

Answer 1

To find the mean daily balance for April, you can calculate the weighted average of the balances for each period based on the number of days each balance was held. Here's how you can do it:

1. Calculate the total balance for each period:

- $526 for 23 days = $526 * 23 = $12,098

- $2,424 for 2 days = $2,424 * 2 = $4,848

- $281 for 5 days = $281 * 5 = $1,405

2. Add up the total balances for all periods:

$12,098 + $4,848 + $1,405 = $18,351

3. Add up the total number of days in April:

23 days + 2 days + 5 days = 30 days

4. Calculate the mean daily balance:

Mean Daily Balance = Total Balance / Total Number of Days

Mean Daily Balance = $18,351 / 30 days

Now, divide the total balance by the total number of days:

Mean Daily Balance = $611.70 (rounded to two decimal places)

So, the account's mean daily balance for April is approximately $611.70.

Explanation: