• (10 points) Fund A has a fee structure:

1.5% management fee

0.5% 12b-1 fee

10% front-end load

5% back-end load

An investor invests $1,000,000 in this fund, holds the shares for a year. The funds per share price decreases from $100 to $90 in this one year. At the end of the year, this investor sells all the shares. What is the $ return and what is the % return of this investment?