The Investments Fund sells Class A shares with a front-end load of 6% and Class B shares with 12b-1 fees of 0.5% 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 the portfolio rate of return net of operating expenses is 10% annually. a. If you plan to sell the fund after four years, are Class A or Class B shares the better choice for you?

• Class A

• Class B

• Neither

b. What if you plan to sell after 15 years?

• Class A

• Class B

• Neither