Calculate the average daily balance, finance charge, and new balance using the average daily balance method
Monthly rate - 1.75%
Date
Payments Purchases
Balance
Number of Days Product/Sum
9/1 - 9/5
$387.52
5
$1,937.60
9/6
$50.00
$337.52
1
$337.52
9/7 - 9/18
$
$
9/19
$62.66
$400.18
1
$400.18
9/20 - 9/30
$
Total
30
$
+ 30 = $
The average daily balance
Finance charge monthly rate x average daily balance = $
New balance - previous balance - payment/credits + finance charge + new purchases = $

The management of a supermarket wants to adopt a new promotional policy of giving a free gift to every customer who spends more than a certain amount per visit at this supermarket. the expectation of the management is that after this promotional policy is advertised, the expenditures for all customers at this supermarket will be normally distributed with a mean of $95 and a standard deviation of $20. if the management wants to give free gifts to at most 10% of the customers, what should the amount be above which a customer would receive a free gift?