Question

QUESTION 3 of 10: You invest S1,000 in a fund. You check your statement at the end of April and you have lost 13%. When the statement for
May comes, you see you have gained 13% in May, What is the value of your account? Round to the nearest dollar.

Answer 1

Answer:

$983.1

Explanation:

The amount invested is $1000.

By the end of April, 13% had been lost

The amount at the end of April was equivalent to 87%( 100% -13%) of the amount invested.

=87/100 x $1000

=0.87 x $1000

=$870

In may a gain of 13%

The amount at the end of May = $870 + (13% of $870)

= $870 + (13/100 x $870)

=$870 + 113.1

=$983.1