The New Fund had average daily assets of $3.8 billion in the past year. New Fund's expense ratio was 1.3%, and its management fee was 0.8%. Required: a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions rounded to 2 decimal places.) Total fees paid million b. What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.) Other administrative expenses million
The New Fund had average daily assets of $3.8 billion in the past year. New Fund's expense ratio was 1.3%, and its management fee was 0.8%. Required: a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions rounded to 2 decimal places.) Total fees paid million b. What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.) Other administrative expenses million
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter2: Descriptive Statistics
Section: Chapter Questions
Problem 17P: Suppose that you initially invested 10,000 in the Stivers mutual fund and 5,000 in the Trippi mutual...
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![The New Fund had average daily assets of $3.8 billion in the past year. New Fund's expense ratio was 1.3%, and its management fee
was 0.8%.
Required:
a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions rounded to 2
decimal places.)
Total fees paid
million
b. What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.)
Other administrative expenses
million](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3146b55-1fd4-4359-a9fb-6eaece27fa5f%2F9cfa55a4-2fc1-4df5-a6a8-df4266fcd4f3%2Fs9fcjz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The New Fund had average daily assets of $3.8 billion in the past year. New Fund's expense ratio was 1.3%, and its management fee
was 0.8%.
Required:
a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions rounded to 2
decimal places.)
Total fees paid
million
b. What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.)
Other administrative expenses
million
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