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Consider a mutual fund with $300 million in assets at the start of the year and 12 million shares outstanding. If the gross return on

Consider a mutual fund with $300 million in assets at the start of the year and 12 million shares outstanding. If the gross return on assets is 18% and the total expense ratio is 2% of the year-end value, what is the rate of return on the fund?

Why is the answer 15.64%?

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