The Investments Fund sells Class A shares with a front-end load of 7% and Class B shares with 12b-1 fees of 0.75% annually as well as back-end load fees that start at 5% and fall by 1% for each full year the investor holds the portfolio (until the fifth year). Assume that you have $1,000 to invest and the portfolio rate of return net of operating expenses is 15% annually.

a.) If you invest in each fund and sell after 4 years, how much will you receive from each sale?

b.) If you invest in each fund and sell after 15 years, how much will you receive from each sale?