Calculate the Average Daily Balance for the Month of May

question 107

Short Answer

Calculate the average daily balance for the month of May of an account with a previous month's balance of $950.00 and the activity below. Assume a 31-day cycle. $\begin{array}{lll}\underline{\text { Date } }&\underline{ \text { Activity } }&\underline{ \text { Amount }} \\\text { May 4 } & \text { Purchase } & \$ 25.50 \\\text { May 10 } & \text { Purchase } & 169.25 \\\text { May 18 } & \text { Payment } & 300.00 \\\text { May 20 } & \text { Credit } & 29.99 \\\text { May 25 } & \text { Cash advance } & 100.00\end{array}$

$\text { Average Daily Balance: }$

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Definitions:

American Soldiers

Members of the United States Armed Forces, serving in various branches including the Army, Navy, Air Force, Marine Corps, and Coast Guard.

Lack of Food

A situation where there is an insufficient supply of food to meet the nutritional needs of a population.

Loyal to British

Refers to individuals or groups who remained faithful to the British Crown, especially during key historical periods such as the American Revolutionary War.

Total Population

The complete count of all individuals within a specified territory, including citizens, non-citizens, and all demographic groups.