Mutual funds developed spontaneously in mature markets such as the United States and United Kingdom before legislation governing such funds developed. These funds became prevalent relatively late in developed markets-beginning in the 1920s-along with the formation of a sizeable middle class population, which diversified their investments through such funds; and the development of financial markets, which featured a broad range of liquid securities in which such funds could invest their capital. a) What is mutual funds? and based on your understanding using your own why do you think that the mutual funds has been encourage in many countries