A mutual fund had average daily assets of $4.0 billion in 2016. The fund sold $1.5 billion worth of stock and purchased $1.6 billion worth of stock during the year. The fund's turnover ratio is A. 45%. B. 15%. C. 22%. D. 37.5%. E. 20%.

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Chapter1: Investments: Background And Issues
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A mutual fund had average daily assets of $4.0 billion in 2016. The fund sold $1.5 billion worth of stock and purchased $1.6 billion worth of stock during the year. The fund's turnover ratio is

A. 45%.
B. 15%.
C. 22%.
D. 37.5%.
E. 20%.
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