A mutual fund has $246 million dollars in assets, 27 million shares outstanding, and a total expense ratio of 0.5 percent. If during the past year the fund has bought and sold $105 million worth of assets, what is the fund's turnover rate?

A mutual fund has $246 million dollars in assets, 27 million shares outstanding, and a total expense ratio of 0.5 percent. If during the past year the fund has bought and sold $105 million worth of assets, what is the fund's turnover rate?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A mutual fund has $246 million dollars in assets, 27 million shares outstanding, and a total expense
ratio of 0.5 percent. If during the past year the fund has bought and sold $105 million worth of
assets, what is the fund's turnover rate?
Enter answer in percents, accurate to two decimal places.

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