Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period?Round your answer to the nearest cent.Do not include a dollar sign or comma in your answer. For example, $5, 678.00should be entered as 5678.00.DayActivityAdjustment Closing Balance1750011Payment-500700021Payment-750625030Purchase+2506500

In this we have to calculate total monthly balance and than find out average daily balance.

Answered: be entéréd as 5678.00. Day Activity…

be entéréd as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21 Payment -750 6250 30 Purchase +250 6500

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period?
Round your answer to the nearest cent.Do not include a dollar sign or comma in your answer. For example, $5, 678.00
should be entered as 5678.00.
Day
Activity
Adjustment Closing Balance
1
7500
11
Payment
-500
7000
21
Payment
-750
6250
30
Purchase
+250
6500

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