E$.$F$.$ Lynch Company is a diversified investment company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the year ended June $30,20Y8,$ are as follows:

Mutual Fund

Division

Fee revenue

Operating expenses

Invested assets

Electronic

Brokerage

Division

$$1,040,000$

$561,200$

$3,800,000$

$$1,060,000$

$502,000$

$3,100,000$

Investment

Banking

Division

$$1,030,000$

$778,000$

$2,100,000$

The management of E$.$F$.$ Lynch Company is evaluating each division as a basis for planning a future expansion of

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