Question

June 1st = 1223 starting balance

Answer 1

Answer:

The average daily balance for the month of June is 55.16

Solution:

Given, June 1st = 1223 starting balance

June 10th = 615 deposit

So these will add in the account

June 15th = withdrawal of -63

June 22nd = withdrawal of -120

These will be subtracted from the account.

$\therefore$ We have to add the deposits and subtract the withdrawals from the starting balance to obtain the total amount.

So, the total amount deposited in June is (1223 +615-63-120) = 1655

The total days in June is 30. In 30 days, the total deposit is 1655. To calculate the average balance, we have to divide the total amount by the total number of days in the month.

So, in 1 day the deposit is $\frac{1655}{30} = 55.16$

Hence, the average daily balance for June is = 55.16