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For the month of April, a checking account has a balance of \( \$ 511 \) for 24 days, \( \$ 2400 \) for 2 days, and \( \$ 299 \) for 4 days. What is the account's mean daily balance for April? The account's mean daily balance for April is approximately \( \$ \square \). (Round to two decimal places as needed.)

Ask by Willis Wilson. in the United States
Mar 01,2025

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The account's mean daily balance for April is approximately \$608.67.

Solution

To calculate the mean daily balance, we first find the total amount of money held in the account over the month and then divide by the number of days in April. Step 1: Compute the total balance contributions: • For 24 days at $511: 24 × 511 = 12,264 • For 2 days at $2400: 2 × 2400 = 4,800 • For 4 days at $299: 4 × 299 = 1,196 Step 2: Sum the amounts: Total = 12,264 + 4,800 + 1,196 = 18,260 Step 3: Divide by the number of days in April (30): Mean daily balance = 18,260 / 30 ≈ 608.67 Thus, the account's mean daily balance for April is approximately $608.67.

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To find the mean daily balance for April, we first calculate the total number of days in April, which is 30. Next, we compute the total balance for the account by considering the balance for each period: 1. For 24 days at \( \$511 \): \( 24 \times 511 = 12,264 \) 2. For 2 days at \( \$2400 \): \( 2 \times 2400 = 4,800 \) 3. For 4 days at \( \$299 \): \( 4 \times 299 = 1,196 \) Now, we sum these amounts to get the total balance for the month: \[ 12,264 + 4,800 + 1,196 = 18,260 \] Finally, we divide this total by the number of days in April to find the mean daily balance: \[ \text{Mean daily balance} = \frac{18,260}{30} \approx 608.67 \] Therefore, the account's mean daily balance for April is approximately \( \$608.67 \).

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