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Suppose that every time a fund manager traces stock, transaction costs such as commissions and bid-ask spreads amount to 1.3% of the value of the

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Suppose that every time a fund manager traces 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 or the portfolio reduced by tracing costs? (Round your answer to 1 decimal place.) Fall in returns_________%

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