You purchased shares of a mutual fund at a price of $20 per share at the beginning of the year and paid a front-end load of 6.0%. If the securities in which the fund invested increased in value by 10% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would be

1.99%.

2.32%.

1.65%.

2.06%.

{[$20 .94 (1.10 - .015)] -$20}/$20 = 1.99%.

I soved with this fomula, but where is 0.94 comes from?

You purchased shares of a mutual fund at a price of $12 per share at the beginning of the year and paid a front-end load of 4.75%. If the securities in which the fund invested increased in value by 9% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would be

4.75%.

3.54%.

2.65%.

2.39%.

{[$12 .9525 (1.09 - .015)] -$12}/$12 = 2.39%.

Also, where is 0.9525 comes from?