1. The Hirt & Block mutual fund has assets of $157 million, liabilities of $10 million and 10 million shares outstanding. The shares trade at $21.60 per share. What is the percentage load fee? (Keep 4 decimal places)

2. A fund is set up to charge a load. Its net asset value is $17.79 and its offer price is $19. What percentage of the net asset value does the load represent? (Keep 4 decimal places)

3. Dan Herman purchases the Ivy Tower New Horizon Fund at a net asset value of $10.93. During the year, he receives $0.50 in dividends and $0.14 in capital gains distributions. At the end of the year, the funds price is $9.71. What is the total percentage return or loss on the beginning net asset value? (Keep 4 decimal places)

4. Under dollar-cost averaging, an investor will purchase $6,000 worth of stock each year for three years. The stock price is $26 in year 1, $13 in year 2, and $34 in year 3. Compute the savings in the average cost from using this strategy. (Calculate average price - average cost)

(Keep 2 decimal places)

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