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To solve for the **average daily balance** based on the transactions and balances shown, let's break it down step-by-step using the **Balance** and **Days** columns for each date range.

Here is the breakdown:

1. **Date Ranges and Balances**:
   - **May 1 to May 4** (3 days): Balance = $1,000
   - **May 4 to May 7** (3 days): Balance = $1,193
   - **May 7 to May 9** (2 days): Balance = $1,318
   - **May 9 to May 13** (4 days): Balance = $1,461
   - **May 13 to May 16** (3 days): Balance = $1,647
   - **May 16 to May 19** (3 days): Balance = $1,834

2. **Calculating Each Period's Total Balance Contribution**:
   - May 1 - May 4: $1,000 \times 3 = 3,000$
   - May 4 - May 7: $1,193 \times 3 = 3,579$
   - May 7 - May 9: $1,318 \times 2 = 2,636$
   - May 9 - May 13: $1,461 \times 4 = 5,844$
   - May 13 - May 16: $1,647 \times 3 = 4,941$
   - May 16 - May 19: $1,834 \times 3 = 5,502$

3. **Summing the Total Balance and Days**:
   - Total balance across all periods = $3,000 + 3,579 + 2,636 + 5,844 + 4,941 + 5,502 = 25,502$
   - Total days = $3 + 3 + 2 + 4 + 3 + 3 = 18$

4. **Average Daily Balance Calculation**:
   - $ \text{Average Daily Balance} = \frac{\text{Total Balance}}{\text{Total Days}} = \frac{25,502}{18} \approx 1416.78$

Thus, the **average daily balance** is approximately **$1,416.78**.

Would you like a further breakdown of any of these steps or details on why certain methods were used?

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Here are some follow-up questions related to this problem:

1. How is the average daily balance used in calculating credit card interest?
2. What other methods are there for calculating average daily balance?
3. How would the average daily balance change if additional purchases were made?
4. Why is it important to know the exact date of each transaction?
5. How does rounding affect the final answer in average daily balance calculations?

**Tip:** For credit card balances, keep track of the exact dates of transactions, as each day's balance impacts the final average.

Consider the following credit card transactions and compute the average daily balance.

Learn how to calculate the average daily balance for a series of credit card transactions. This example uses real-world transaction data to illustrate the balance calculation method, making it ideal for students in Grades 10-12 studying personal finance or mathematics.

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