Question
A mutual fund pays a 2% management expenses ratio (MER) on the annual average value of fund assets. If the fund starts the year with
A mutual fund pays a 2% management expenses ratio (MER) on the annual average value of fund assets. If the fund starts the year with $98 million of assets and ends the year with $108 million of assets, what was the management fee charged?
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$2.06 million
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$1.98 million
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$2.16 million
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$2.12 million
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
7th Edition
1259919714, 978-1259919718
