Question

HELP ME PLEASE ASAP I NEED IT SOON!

Answer 1

The average daily balance in Elliott's account for the month of June is approximately $216.37.

To calculate the average daily balance for Elliott's account in June, we need to determine the daily balance for each day and then find the mean (average) of these daily balances.

Here's the calculation step by step:

Starting balance on June 1st: $1223

June 10th (Deposit):

Daily balance on June 10th = Starting balance + Deposit

Daily balance on June 10th = $1223 + $615 = $1838

June 15th (Withdrawal):

Daily balance on June 15th = Previous daily balance - Withdrawal

Daily balance on June 15th = $1838 - $63 = $1775

June 22nd (Withdrawal):

Daily balance on June 22nd = Previous daily balance - Withdrawal

Daily balance on June 22nd = $1775 - $120 = $1655

Now, we need to find the average daily balance:

`\begin{aligned}& \text { Average Daily Balance }=\frac{\text { Sum of Daily Balances }}{\text { Number of Days }} \\& \text { Average Daily Balance }=((1223+1838+1775+1655))/(30) \\& \text { Average Daily Balance }=(6491)/(30) \\& \text { Average Daily Balance } \approx 216.3667\end{aligned}`

So, the average daily balance for Elliott's account in June is approximately $216.37.

Answer 2

$55.17

Explanation:

we know that

The average daily balance (ADB) for deposit accounts is equal to the total of balances in a month divided by the days in that month.

In this problem

The average daily balance (ADB) of Elliot's account for the month of June is equal to the total of balances in June divided by 30 (because there are 30 days in June)

Find the total of balances in June

1,223+615-63-120=$1,655

Divided by 30

ADB=$1,655/30=$55.17