3. Investment horizon and fee structure A fund sells Class A shares with a front-end load of 5% and Class B shares with 12b-1 fees of 0.5% as well as back-end load fees that starts at 6% and fall by 1% for each holding year. Assume that the fund return net of operating costs is 8% annually. What will be the value of a $10,000 investment in Class A and B if the shares are sold after (a) 1 year or (b) 10 years? (16 points)