Spearman Domestic Equity Fund sells two types of share, A+ and B+. A+ shares are sold with frontend load fee of 6% whilst Type B+ shares are not subject front-end load fee but are charged to investment management fee of 1% per annum as well as exit (back-end load) fee that start at 15% and reduce by 3% for each full year the investor holds the portfolio (until the 5th year). The annual rate of return for both types of share is 17%. 

(a) Calculate the value of a Rs 50,000 investment made by investor Mr Smith in Type B shares if the shares are disposed after (i) one year and (ii) 4 years. [ 8 Marks]

(b) Calculate the value of a Rs 50,000 investment made by investor Mrs Willow in Type B shares if the shares are disposed after (i) one year and (ii) 4 years. [14 Marks] 

(c) As an analyst, which types of share will you recommend the investor to buy?