1. Adonko Mutual Fund has GHS10 million in assets at the beginning of the year and 500,000 shares outstanding. Over the year, the fund invested in a portfolio of stocks that provided dividend income of GHS50,000. The value of the stocks in the portfolio increased by 10% by the end of the year. The fund charges management fees at 1.5% of amount invested over the year, which is deducted from value of assets at the end of the year.

Required:

1. Compute the net asset value at the beginning of the year and at the end of the year.
2. Compute the rate of return for an investor in the fund.