Answer:
average monthly balance = $43
Step-by-step explanation:
If we have a set of N numbers:
{x₁, x₂, x₃, ..., xₙ}
The mean (or average) is calculated as:
Mean = (x₁ + x₂ + ... + xₙ)/N
In this case, the values on the set are the balances for every month.
Then our set is:
{$50, $25, $70, $45, $25}
This is a set of 5 elements.
Then the average monthly balance is:
average monthly balance = ($50 + $25 + $70 + $45 + $25)/5 = $43
average monthly balance = $43
