A year and half ago, Max purchased 5,000 shares in a mutual fund called Epic Inc. for $15.75/share. Due to COVID-19, the stock was an epic failure and Max decided to sell 3,000 shares on November 30, 2021, when the share price was at $9.55/share. His investment broker counselled him not to sell as the fund was a back-end loaded fund. Year funds are redeemed/sold Within the first year In the second year In the third year In the fourth year In the fifth year In the sixth year After the sixth year Deferred sales charge 6% 5% 4% 3% 2% 1% 0%

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