Problema Solution
The average daily balance of a checking account is the sum of the daily balances in a given period divided by the number of days in the period. Suppose that a period has 30 days. Find the average daily balance of an account that has a balance of $110 for 18 days, -$300 for 10 days, and $100 for the rest of the period.
i did this and my answer was $-23.97
any mistakes?
Answer provided by our tutors
see for the first 18 days average daily balance is $110
for the next 10 day average daily balnce is -$300
rest days =30-8-10=2(here 30 is period) average daily allowance is $100
so average=(110/18) - (300/10) +(100/2)
=6.12-30+50=26.12
thus the avg daily balance per day is $26.12