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Required: Suppose that every time a fund manager trades stock, transaction costs such as commissions and bid - ask spreads amount to 1 . 3

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Suppose that every time a fund manager trades stock, transaction costs such as commissions and bid-ask spreads amount to 1.3% of the value of the trade. If the portfolio turnover rate is 50%, by how much is the total return of the portfolio reduced by trading costs?
(Round your answer to 1 decimal place.)
Fall in returns
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