On November 10, 2017, Marvin purchased 2,000 shares in a mutual fund called Wootwoot Growth Inc. for $10.50/share. The markets did well, as did his investment. He however decided to sell as he heard there was some insider trading issues. He was concerned that the stock price would go down. He sold all the shares on November 21, 2019 when the share price was at $16.75/share. His investment broker however advised him not to sell (especially as the fund was a back-end loaded fund).

What is the amount that Marvin will receive for the sale of these shares (ignore income taxes)?

Year funds are redeemed/sold	Deferred sales charge
Within the first year	6%
In the second year	5%
In the third year	4%
In the fourth year	3%
In the fifth year	2%
In the sixth year	1%
After the sixth year	0%