Answer:
1. Determine the number of days for each balance period:
- From 04/01/2019 to 04/17/2019: 16 days
- From 04/17/2019 to 05/28/2019: 41 days
- From 05/28/2019 to 06/22/2019: 25 days
- From 06/22/2019 to 06/30/2019: 8 days
2. Calculate the total balance for each period and then sum:
- For the first period (16 days):
726,000 x 16 = 11,616,000
- For the second period (41 days):
- 782,000 x 41 = 32,062,000
- For the third period (25 days):
- 800,000 x 25 = 20,000,000
- For the fourth period (8 days):
3. Sum the total balances calculated:
11,616,000 + 32,062,000 + 20,000,000 + 4,280,000 = 67,958,000
4. Calculate the total number of days in the 2nd quarter:
30 days in April + 31 days in May + 30 days in June} = 91 days
5. Compute the Average Daily Balance (ADB):
[tex]\text{ADB} = \frac{\text{Total Balance}}{\text{Total Days}} = \frac{67,958,000}{91} \approx 746,791.21[/tex]
