The Global Growth Fund is a load fund with a 4 percent front load fee. It started the year with a net asset value (NAV) of $16.00. During the year the fund distributed $1.15, and at the end of the year its NAV was $17.80. What was the fund's return, and what was an investor's return? Round your answers to two decimal places.

The fund's return:

Return on the individual's investment:

Why are they different?

The answers are different because the fund reports its return based on the and the investrors calculate their return based on the