Question

for the month of April, a checking account has a balance of $541 for 23 days, $262 for 5 days. what is the accounts mean daily balance for April

Answer 1

Solution:
Given in the question
Account balance for 23 days = $541
Account balance for 5 days = $262
April has total days = 30
So remaining 2 days (30-23-5) account balance = $0

Account Balance	Days
$541	23
$262	5
$0	2

So here we will use weighted average to calculate the accounts mean daily balance for April
Mean = Account balance * Days/Days = ((541*23) + (262*5) + (0*2))/(23+5+2) = 13753/30 = $458.43