26. You have a $105,000 portfolio comprising 15 stocks. You trade each stock five times this year and each time you trade, you pay about $27 in commissions and spread. You have no special knowledge, so you earn only the average market return of 13% on your investments. How much lower will your total return be because of your trades? As a result of your trades, your total return will be ___% lower. (Round to two decimal points.)

27. Assume the annual return for the lowest turnover portfolio is 18% and the annual return for the highest turnover portfolio is 11%. If you invest $101,000 and have the highest turnover, how much lower will the value of your portfolio be at the end of 10 years than if you had had the lowest turnover? At the end of ten years, your portfolio will be lower by the amount of $_____. (Round to the nearest dollar.)