. You expect a tax-free municipal bond portfolio to provide a rate of return of 4.5%. Management fees of the fund are 0.65%. What fraction of portfolio income is given up to fees? (Round your answer to 1 decimal place.)

b. If the management fees for an equity fund also are 0.65%, but you expect a portfolio return of 17.0%, what fraction of portfolio income is given up to fees? (Round your answer to 1 decimal place.)

c. For which fund might management fees be a bigger factor in your investment decision? multiple choice

Bond fund

Equity fund