The New Fund had average daily assets of $27 billion in the past year. The fund sold $405 million and purchased $505 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.) Turnover ratio The New Fund had average daily assets of $27 billion in the past year. The fund sold $405 million and purchased $505 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.) Turnover ratio