6 The New Fund had average daily assets of $3.4 billion in the past year. The fund sold $412 million and purchased $512 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.) Turnover rate nts eBook 8 Suppose that every time a fund manager trades stock, transaction costs such as commissions and bid-ask spreads amount to 1.9% 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.) pints Fall in returns % eBook