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You are considering an investment in a mutual fund with a 4% front-end load and an expense ratio of 0.65%. You can invest instead in

You are considering an investment in a mutual fund with a 4% front-end load and an expense ratio of 0.65%. You can invest instead in a bank CD paying 6% interest.

Now suppose that instead of a front-end load the fund assesses a 12b-1 fee of 0.90% 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?

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