On January 1, 2020, Lenny opened his first Tax-Free Savings Account (TFSA) and deposited $50,000. He invested this money in 5,000 shares in Quick Growth mutual fund at $10/share. As of today, May 3, 2020, Lenny's only investment grew to $34.00/share! Despite the great returns, Lenny is contemplating selling the shares. What would be the difference in his pocket if he sold them today at $34 or next year at the same price (assuming the same $34). This is a back-end loaded fund. Do not take taxes into consideration. Note: Use the Declining Redemption Schedule below to determine the back-end load fee that Lenny will have to pay the amount of the fee is based on the value of the fund when it is redeemed). Lenny's broker also charges a 2% commission on the sale after the Deferred Sales Charge is applied. 6% 5% Declining Redemption Schedule Year funds are redeemed/sold Deferred Sales Charge Within the first year In the second year In the third year In the fourth year in the fifth year 2% in the sixth year 1% After the sixth year 0% 4% 3% $1,378