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The New Fund had average daily assets of $3.9 billion in the past year. The fund sold $417 million and purchased $517 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.) Turnover rate % Suppose that every time a fund manager trades stock, transaction costs such as commissions and bid-ask spreads amount to 2.5% of the value of the trade. If the portfolio turnover rate is 50%, by how much is the total return of the portfolio reduced by trading costs? (Round your answer to 1 decimal place.) Fall In retums % If the offering price of an open-end fund is $13.50 per share and the fund is sold with a front-end load of 5%, what is its net asset value? (Round your answer to 2 decimal places.) Net asset value