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You are considering an investment in a mutual fund with a 3% front-end load, expense ratio of 0.5%, and a 1% back-end load. Your minimum

You are considering an investment in a mutual fund with a 3% front-end load, expense ratio of 0.5%, and a 1% back-end load. Your minimum target return is 7% after all expenses. If you plan to invest for 3 years, what annual return must the fund portfolio earn? Assume annual compounding of returns.

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