Use the average daily balance method to compute the finance charge on the credit card account for the month of August(31 days). The starting balance from the previous month is$240. The transactions on the account for the month are given in the table below. Assume an annual interest rate of17% on the account and that the billing date is August 1st.

Date

Transaction

August 5

Made payment of$78

August 9

Charged$150 for hiking boots

August 16

Charged$18 for gasoline

August 25

Charged$27 for restaurant meal