Pablo's credit card statement showed these transactions during March:
March 1 Previous Balance $\$ 1040.40$
March 5 Payment $\quad \$ 400.00$
March 16 Purchases $\$ 417.12$
March 20 Payment $\quad \$ 500.00$
March 25 Purchases $\quad \$ 359.26$
Part: 0 / 3
Part 1 of 3
(a) Find the average daily balance. Round the answer to the nearest cent.
The average daily balance is $\$ \square$.

Step 1 ：Define the balance for each day: March 1-4 is \$1040.40, March 5-15 is \$640.40, March 16-19 is \$1057.52, March 20-24 is \$557.52, and March 25-31 is \$916.78.

Step 2 ：Calculate the total balance for each period: March 1-4 is \$4161.60, March 5-15 is \$7044.40, March 16-19 is \$4230.08, March 20-24 is \$2787.60, and March 25-31 is \$6417.46.

Step 3 ：Calculate the total balance for the month by adding all the total balances for each period, which is \$24641.14.

Step 4 ：Calculate the average daily balance by dividing the total balance by the number of days in March, which is 31. The result is \$794.88.

Step 5 ：Round the average daily balance to the nearest cent, which is \$794.88.

Step 6 ：Final Answer: The average daily balance is \(\boxed{794.88}\).