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$320. The transactions on the account for the month are given in the table below. Assume an annual interest rate of22% on the account and that the billing date is August 1st.

Date

Transaction

August 4

Made payment of$85

August 10

Charged$150 for hiking boots

August 18

Charged$30 for gasoline

August 25

Charged$26 for restaurant meal