What does this do in plain English?

Question

IF( IsPersonAccount, 'True', IF( RecordType.DeveloperName = 'Agency', 'Agency', IF(RecordType.DeveloperName = 'Business_Account', 'Account', 'False'))))))

Answer 1

Assuming <IsPersonAccount>was boolean like value, and <RecordType.DeveloperName> was string like value; I guess it
could mean something like

if IsPersonAccount then
return 'True'
else
if RecordType.DeveloperName equals 'Agency' then
return 'Agency'
else
if RecordType.DeveloperName equals 'Business_Account' then
return 'Account'
else
return 'False'

Condensed conditional statements can be troublesome at times ...

Is there not too many closing parentheses?