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A mutual fund charges a front-end load of 4% and annual operating expenses of 0.49%, calculated based on the average value of the fund. You

A mutual fund charges a front-end load of 4% and annual operating expenses of 0.49%, calculated based on the average value of the fund. You begin with $8,000, pay the front end load and invest the rest into the fund. The fund returns 4% during the first year and 3% during the next year. After two years, how much is your investment worth? (round to two decimal places)

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$7,888.45

$7,785.75

$7,492.19

$7,671.99

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