The New Fund had average daily assets of $2.2 billion in the past year. New Fund's expense ratio was 1.1%, and its management fee was 0.7%. Required: a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions rounded to 1 decimal place.) Total fees paid million b. What were the other administrative expenses? (Enter your answer in millions rounded to 1 decimal place.) Other administrative expenses million

The New Fund had average daily assets of $2.2 billion in the past year. New Fund's expense ratio was 1.1%, and its management fee was 0.7%. Required: a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions rounded to 1 decimal place.) Total fees paid million b. What were the other administrative expenses? (Enter your answer in millions rounded to 1 decimal place.) Other administrative expenses million

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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The New Fund had average daily assets of $3.9 billion last year. The fund sold $540 million worth of stock and purchased $680 million during the year. What was its turnover ratio? (Round your answer to 1 decimal place.)
An investment manager had a fund with a value of 100,000 on December 31, 2017. On June 30, 2018 that fund had dropped in value to 90,000 and a new deposit of 110,000 was received. On December 31, 2018 the account balance was 220,000. Find the time-weighted rate of return for 2018 Find the exact (to five decimal points) dollar-weighted rate of return for 2018
Determine the interest rate needed to accumulate the following amounts in a sinking fund, with monthly payments as given. 33. Accumulate $56,000, monthly payments of $300 over 12 years 34. Accumulate $120,000, monthly payments of $500 over 15 years
Select the correct choice that contains the values that will complete the cash flow of funds for the month of January. The correct answer will have the right values in sequential order for "cash difference", "borrow this period", and "ending cash balance". • The farm does not have a beginning balance for their operating loan. • If they do borrow, the interest cost is 1% per month. You will not have an interest expense in the first month since any borrowed fund will not accrue interest until the next month. • They want to keep a minimum cash balance of $5,000 at the end of each month. • If the farm runs a negative cash balance, funds must be borrowed to maintain the minimum $5,000 cash balance at the end of the month. Flow-of-Funds Summary for January Beginning cash balance Total cash receipts Total cash out flow Cash difference Borrowing this period Payment on operating loan Principal Interest Ending cash balance 방방 $0 $0 ? $12,000 $125,000 $160,000 ? c. ?
Using the sinking fund formula or a financial calculator, complete the following: (Do m answer to the nearest cent.) $ Required amount 24,900 Frequency of payment Quarterly Length of time 7 years Interest rate 8 % Payment amount end of each period
4. ( Fund A earns interest at a simple rate of i% a year. $P is invested in fund A. (a) What is the accumulated value in fund A at time t years. (b) Calculate the effective rate of interest in year 1, year 2 and year 3. Solution:
A mutual fund sold $58 million of assets during the year and purchased $64 million in assets. If the average daily assets of the fund were $216 million, what was the fund turnover? (Enter your answer as a percent rounded to 2 decimal places.) Fund turnover %
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The days to maturity for a sample of five money market funds are shown here. The dollar amounts invested in the funds are provided. Days to Dollar Value Maturity ($ millions) 20 20 11 20 8 20 7 10 6. 15 Use the weighted mean to determine the mean number of days to maturity for dollars invested in these five money market funds. Round your answer to 2 decimal places. days
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Using a discount rate of 5.5% compounded annually, a pension fund estimates that the present value of its assets and liabilities are $7 million and $4 million, respectively. The duration of the assets is 11 years and the duration of the liabilities is 27 years. (a) Suppose that the interest rate decreases to 5.45%. Estimate the relative changes in the fund's assets and liabilities. Express yours answers as percentages, to the nearest basis point. Relative Change in Assets % Relative Change in Liabilities % (b) Using your rounded answers from (a), estimate the absolute changes in the fund's assets and liabilities. Express your answers in millions of dollars, to the nearest thousand. Absolute Change in Assets $ million Absolute Change in Liabilities s $ million (c) The fund's net worth is defined as the difference between its assets and liabilities. Using your answers from (b), estimate the relative change in the fund's net worth. Express your answer as a percent, to the nearest basis…

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