The average daily balance is the mean of the balance in an account at the end of each day in a month. The following table gives the dates and amounts of the transactions in Elliott's account in June.
Day of June Transaction type Transaction amount (in dollars)
111 Starting balance 122312231223
101010 Deposit 615615615
151515 Withdrawal -63−63minus, 63
222222 Withdrawal -120−120minus, 120
There are 303030 days in June.
What is the average daily balance of Elliott's account for the month of June?
dollars
Answers
Given : The dates and amounts of the transactions in Elliott's account in June.
To find : the average daily balance of Elliott's account for the month of June
Solution:
The average daily balance is the mean of the balance in an account at the end of each day in a month
Day Transaction type Transaction amount ($) Balance
1 Starting balance 1223 1223
10 Deposit 615 1838
15 Withdrawal -63 1775
22 Withdrawal -120 1655
Balance Number of Day Balance * Days
1223 9 ( 1 to 9 june) 11007
1838 5 ( 10 to 14 june) 9190
1775 7 ( 15 to 21 June) 12425
1655 9 ( 22 to 30 june) 14895
30 Days 47517
average daily balance = 47517/30
= 1583.9 $
1583.9 $ is the average daily balance of Elliott's account for the month of June
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