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To see how expenses can affect rate of return, consider a fund with $200 million in assets at the start of the year and with

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To see how expenses can affect rate of return, consider a fund with $200 million in assets at the start of the year and with 5 million shares outstanding. The fund invests in a portfolio of stocks that provides no income but increases in value by 8%. The expense ratio, including 12b-1 fees, is 2%. What is the rate of return for an investor in the fund? (Ctrl)

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