You hold mutual funds in your Registered Retirement Savings Plan (RRSP). You expect a bond portfolio to provide a rate of return of 8%. Management fees of the fund are 1.6%. What ADMN3700 HW1 3 fraction of portfolio income is given up to fees? If the management fees for an equity fund also are 1.6%, but you expect a portfolio return of 16%, what fraction of portfolio income is given up to fees?