a) At the beginning of the year, you found a mutual fund quoting the price of its share at $20 inclusive of the front load of 6%. The funds expense ratio is 3%. Answer the following questions: i. If you purchased the fund share and the securities in which the fund invested increased in value by 20% during the year, what would be your return if you sold the share at the end of the year? (4 marks) ii. Explain if you think that this mutual fund is a good investment choice. (6 marks) b) The fund manager of a hedge fund will charge an incentive fee of 20% of investment profits if the fund can earn 5% more than an index fund with the funds net asset value (NAV) at least equals to its initial value of $10 billion at the beginning of the year. Answer the following questions: i. What should be the minimum net asset value of the hedge fund at the end of the year if the year return of the index fund is 5% and how much will the incentive fee be? (4 marks) ii. Explain why the hedge fund may not be able to exist for long time period under such incentive fee structure