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Question 2 (30 marks) a) At the beginning of the year, the net asset value (NAV) per share of Mutual Fund A, an open-end fund, is $2.50. The following information relates to the expenses charged by Mutual Fund A: Front-end load 12b-1 fees Expenses ratio 4% 0.8% 0.5% Calculate the rate of return to an investor in Mutual Fund A at the end of the year if Mutual Fund A made a gross rate of return of 18% and assuming no further transaction costs incurred in selling the shares. (10 marks) b) Fund B is a closed-end fund and has the same NAV per share as Mutual Fund A both at the beginning and at the end of the year. At the beginning of the year, the fund was selling at a 2% discount to NAV. By the end of the year, the fund is still selling at 2% discount to NAV but also incurs a transaction cost of 2% of sales proceeds. i. Calculate the rate of return to an investor in the Fund B during the year. (6 marks) ii. What might be the reason for the differences in the rate of return to an investor from Fund A and B? (4 marks) c) Who would be better to buy mutual funds instead of investing themselves and what should they look for when buying the mutual funds? (10 marks)