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
I don’t really know how to ask the question I’m really confused by this the subject is financial math
Transcribed Image Text:1) Find the average daily balance, with new purchases included.
Dates
Payment
End-of-Day
Balance
# of days
Purchase
Sum of
Balances
9/6-9/17
$600
X
9/18
$140
740
X
9/19-9/24
X
9/25
$120
X
9/26-10/5
X
ТОTAL
Sum of Daily Balances
# of days
Average Daily Balance
=
Expert Solution
Step 1
The average daily balance is the amount that is the average of the months.
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