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You have a $106,000 portfolio comprising 14 stocks. You trade each stock five times this year and each time you trade, you pay about $25

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You have a $106,000 portfolio comprising 14 stocks. You trade each stock five times this year and each time you trade, you pay about $25 in commissions and spread. You have no special knowledge, so you earn only the average market return of 15% on your investments. How much lower will your total return be because of your trades? As a result of your trades, your total return will be \% lower. (Round to two decimal points.) 0. Assume the annual return for the lowest turnover portfolio is 19% and the annual return for the highest turnover portfolio is 14%. If you invest $108,000 and have the highest turnover, how much lower will the value of your portfolio be at the end of 10 years than if you had had the lowest turnover

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