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Problem 4-22 The New Fund had average daily assets of $3.0 billion in the past year. The fund sold $408 million and purchased $508 million

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Problem 4-22 The New Fund had average daily assets of $3.0 billion in the past year. The fund sold $408 million and purchased $508 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.) Tumover rate %

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