Question

For the month of April, a checking account has a balance of $300 for 10 days, $2700 for 18 days, and $2250 for 2 days. What is the account’s mean daily balance for April? For the month of April, a checking account has a balance of $300 for 10 days, $2700 for 18 days, and $2250 for 2 days. What is the account’s mean daily balance for April?

Answer 1

To calculate the mean daily balance for April, you need to sum up the daily balances and then divide by the total number of days in April.

Daily balance for the first 10 days: $300

Daily balance for the next 18 days: $2700

Daily balance for the remaining 2 days: $2250

Now, calculate the total balance for the month:

(

300

×

10

)

+

(

2700

×

18

)

+

(

2250

×

2

)

(300×10)+(2700×18)+(2250×2)

=

3000

+

48600

+

4500

=3000+48600+4500

=

56100

=56100

Now, divide the total balance by the total number of days in April (30 days):

Mean daily balance

=

56100

30

Mean daily balance=

30

56100

​

Mean daily balance

=

1870

Mean daily balance=1870

So, the account's mean daily balance for April is $1870.