Fund A has a front-end load of 4.5% (of the year-beginning amount). Meanwhile, Fund B has a backend load of 6% which decreases by 1% per year. That is, the backend load will be at 5% if the investor sells the fund at the end of year 2, 4% at the end of year 3, and so on, until it becomes zero. In addition, Fund B charges additional 12b-1 fee of 0.5% per year at each year end. Assume Fund As net return of the expense ratio per year is 10% and Bs is 11%. Both fund earn the same return. Which fund would an investor choose if he plans to invest for three years (i.e., buy and hold for three years)? Which fund would he choose if he plans to invest for five years? Ten years? Assume there is no income or capital distribution during the holding period and the investors choice is based on return only.