1. You have invested $5,000,000 in a mutual fund with a 5-basis point (0.05%) annual expense ratio. If your mutual fund generates a nine percent (9%) gross (before expenses) annual return for each of the next twelve (12) years, then what will your fund’s asset value grow to by the end of year ten?

2a. If your $5,000,000 mutual fund had a nine percent (9%) gross (before expenses) annual return, a 10-basis point (0.10%) annual expense ratio, and a one-percent (1.00%) front-end load fee, then what would your fund’s value grow to by the end of year ten?

2b. If the $5,000,000 mutual fund had a three-percent (3%) front-end load fee, a 5-basis point (0.05%) annual expense ratio, and a nine percent (9%) gross (before expenses) annual return, then what would your fund’s value grow to by the end of year twelve?