Almost three years ago, Forrest purchased shares in Numera Canadian Equity Fund, a back end load mutual fund. Forrest's investment is currently worth $31,991. He has decided that he would like to sell his shares. Using the declining redemption schedule provided to determine the back-end load fee that Forrest will have to pay and how much he will receive after paying the fee. NOTE: The amount of the fee is based on the value of the fund when it is redeemed.

The back-end load fee that Forrest will have to pay is $______. (Round to the nearest dollar.)

He will receive $_____after paying the back-end load fee. (Round to the nearest dollar.)

Declining redemption schedule Declining Redemption Schedule Years Funds Are Redeemed Deferred Sales Charge Within the first year 6% In the second year 5% In the third year 4% In the fourth year 3% In the fifth year 2% In the sixth year 1% After the sixth year Source: The Canadian Securities Institute, The Canadian Securities Course: Volume 2, page 10-9, 2004. Reprinted with permission of CSI Global Education Inc. 0%