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You have a $107,000 portfolio comprising 1 3 stocks. You trade each stock five times this year and each time you trade, you pay about

You have a $107,000portfolio comprising 13stocks. You trade each stock five times this year and each time youtrade, you pay about $31in commissions and spread. You have no specialknowledge, so you earn only the average market return of 11%on your investments. How much lower will your total return be because of yourtrades?

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