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Using the table, what is the average daily balance of the credit card for the August 1 - August 31 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.

Using the table what is the average daily balance of the credit card for the August 1 August 31 billing period Round your answer to the nearest cent Do not incl class=

Respuesta :

Day 1 to 4 = 3 days span

Day 4 to 14 = 10 days span

Day 14 to 24 = 10 days span

Day 24 to 31 = 8 days span

Total number of days = 31

The average daily balance can be calculated thus

[tex]\begin{gathered} \frac{3(1500)+10(1100)+10(850)+8(750)}{31} \\ =\frac{4500+11000+8500+6000}{31} \\ =\frac{30000}{31} \\ =967.742 \\ =\text{\$967.74 (Nearest cent)} \\ \text{ The answer is \$967.74 (Nearest cent)} \end{gathered}[/tex]

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