PLEASE HELP!!
You invest $1,000 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.
Your loss of 13% means the value of the fund has been multiplied by 100% - 13% = 87% = 0.87 Your gain of 13% means the value of the fund has been multiplied by 100% + 13% = 113% = 1.13
Over the 2-month period, your fund's value has been multiplied by the product of these, so is $1000·0.87·1.13 ≈ $983.10
