The average (arithmetic mean) monthly balance in Company X's

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11 Jan 2005, 10:46

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The average (arithmetic mean) monthly balance in Company X's petty cash account on any given date is the average of the closing balances posted on the last business day of each of the past 12 months. On March 6, 1990, the average monthly balance was $692.02. What was the average monthly balance as of June 23, 1990?
(1) As of June 23, 1990, the total of all the closing balances posted on the last business day of each of the last 12 months was $45.64 less than it had been on March 6, 1990.
(2) The closing balances posted on the last business days of March, April, and May 1990 were $145.90, $3,000.00, and $725.25, respectively.

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11 Jan 2005, 13:13

I say A.

Since the amount on March 6th is given = 692.02

A gives the statement the last business day of each of the twelve months were $45.64 less than it had been on March 6. Therefore the average monthly balance on June 23rd would be average of 12 months. The amount between June 1 to 23 does not count because the amount of petty cash is only accounted for at the end of the month.
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[#permalink] 11 Jan 2005, 13:13

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The average (arithmetic mean) monthly balance in Company X's

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The average (arithmetic mean) monthly balance in Company X's

The average (arithmetic mean) monthly balance in Company X's

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