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Mathew Johnston invested a total of $94,600 in the New Colony Pacific Region mutual fund. The management fee for this particular fund is 0.80 percent

Mathew Johnston invested a total of $94,600 in the New Colony Pacific Region mutual fund. The management fee for this particular fund is 0.80 percent of the total asset value. Calculate the management fee Mathew must pay this year.

note: Round your answer to 2 decimal places.

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