You are considering an investment in a mutual fund with a $5\%$ load and an expense ratio of $0\mathrm{.}5\%.$ You can invest instead in a bank CD paying $3\%$ interest.

Required:

a$.$ If you plan to invest for $4$ years, what annual rate of return must the fund portfolio earn for you to be better off in the fund than in the CD$?$ Assume annual compounding of returns.

b$.$ What annual rate of return must the fund portfolio earn if you plan to invest for $6$ years to be better off in the fund than in the CD$?$

c$.$ Now suppose that instead of a front$-$end load the fund assesses a $12b-1$ fee of $0\mathrm{.}75\%$ per year. What annual rate of return must the fund portfolio earn for you to be better off in the fund than in the CD$?$

Note: Do not round intermediate calculations. Round your answers to $2$ decimal places.

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