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Spartan Emerging Market Mutual Fund has an annual turnover of 60%. Round-trip transaction costs are 20bps. The short term cap gains tax rate for an

Spartan Emerging Market Mutual Fund has an annual turnover of 60%. Round-trip transaction costs are 20bps. The short term cap gains tax rate for an investor is 30%. Assume that the fund earns 8% a year on its investments. What is the actual return to the investor?

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