Mutual fund PQR charges a front-end load 4%, operating expense 1%, 12b-1 fee 0.2%, and back-end load 0.5%. The annual return rate from the fund (before fees) is 12%.

a) What is the after-fee annual return rate to fund investors?

b) You invested $20,000 in PQR at the beginning of the year and sold all shares at the end of the year. What is your cash out balance and return rate for the year?