Question

for the month of april, a checking account has a balance of $548 for 23 days, $2320 for 3 days, and $278 for 4 days. what is the accounts mean daily balance for april? the accounts mean daily balance for april is approximately $ (round to two decimal places as needed.)

Explanation:

Step1: Calculate total balance - period products

$548\times23 + 2320\times3+278\times4$
$=12604+6960 + 1112$
$=20676$

Step2: Calculate total number of days

$23 + 3+4=30$

Step3: Calculate mean daily balance

$\frac{20676}{30}=689.20$

Answer:

$689.20$