Question 3 (10 marks) Pansy and Stephanie are optimistic about electronic car sector and plan to purchase "Speedy Fund", an open-end fund managed by BNW Investment Bank, through brokers. The Fund charges 2% front-end loads and 0.5% expenses ratio. They collected information about service fees charged by the following two brokers: Brokers Broker A Broker B Service fees 1% of sales proceeds $200 at time of sales Due to low wealth level, Pansy can invest $10,000 in the fund only. On the other hand, Stephanie will invest $300,000 in the fund as she just won a lottery. Both of them expect to hold the fund for three years with 10% annual gross retum. Using the following information, identify and explain which broker should be chosen by Pansy and Stephanie respectively. Support your answer including calculations