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2 . CMD Asset Management has the following fee structure for clients in its equity fund: 1 . 0 5 % of first $ 6

2. CMD Asset Management has the following fee structure for clients in its equity fund:
1.05% of first $6 million invested
0.80% of next $6 million invested
0.65% of next $12 million invested
0.50% above $24 million
a. Calculate the annual dollar fees paid by Client 1, who has $28 million under management, and Client 2, who has $88 million under management.
b. Calculate the fees paid by both clients as a percentage of their assets under management.

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