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Michael Wittry has been investing in his Roth IRA retirement account for 23 years. Two years ago, his account was worth $215,667. After losing 13 of its original value, it then gained 12 of its new value back. What is the current value of his Roth IRA? (Do not round intermediate calculations.)

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emmanuelkossy

Answer:

$210,145.925

Explanation:

From the question we can deduce that he lost 13% of his original value and gained 12% of its new value back.

So,

215667 ×  0.13 = 28,036.71

We, subtract this from the first value 215667-28036.71 = 187630.29 and that is 87% of original value.

He then gains 12% of new value back. 187630.29 x 0.12 = 22515.6348

To get the current value of his IRA, add this to the previous figure 187630.29 + 22515.6348 = $210,145.925

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