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Required: The New Fund had average daily assets of $ 2 . 8 billion in the past year. The fund sold $ 4 0 6

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The New Fund had average daily assets of $2.8 billion in the past year. The fund sold $406 million and purchased $506 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.)
Turnover rate
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