Question

Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period? Round your answer to the nearest cent. Do not include a dollar sign or comma in your answer. For example, $5,678.00 should be entered as 5678.00.

Answer 1

Given the table, we are asked to find the average daily balance of the credit card for the month of November.

To do this we would multiply the closing balance times the number of days it covers then divide by the total number of days.

This can be seen below;

`\begin{gathered} (4000*9+2800*10+2900*5+4800*6)/(30) \\ =(36000+28000+14500+28800)/(30) \\ =(107300)/(30)=3576.67 \end{gathered}`

Answer: 3576.67 to the nearest cents