The New Fund had average daily assets of $3.9 billion in the past year. If New Fund's expense ratio was 0.80% and the management fee was 0.70%. a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions. Round your answer to 1 decimal place.) Fees paid million b. What were the other administrative expenses? (Enter your answer in millions. Round your answer to 1 decimal place.) Other administrative expenses million
The New Fund had average daily assets of $3.9 billion in the past year. If New Fund's expense ratio was 0.80% and the management fee was 0.70%. a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions. Round your answer to 1 decimal place.) Fees paid million b. What were the other administrative expenses? (Enter your answer in millions. Round your answer to 1 decimal place.) 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 $3.9 billion in the past year. If New Fund's expense ratio was 0.80% and the management
fee was 0.70%.
a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions. Round your
answer to 1 decimal place.)
Fees paid
million
b. What were the other administrative expenses? (Enter your answer in millions. Round your answer to 1 decimal place.)
Other administrative expenses
million](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb5aba3c-4931-42d1-80b4-3d9f41ab8cf8%2F895d7866-8777-408f-ba44-2152aad67fcc%2Ftrzdf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The New Fund had average daily assets of $3.9 billion in the past year. If New Fund's expense ratio was 0.80% and the management
fee was 0.70%.
a. What were the total fees paid to the fund's investment managers during the year? (Enter your answer in millions. Round your
answer to 1 decimal place.)
Fees paid
million
b. What were the other administrative expenses? (Enter your answer in millions. Round your answer to 1 decimal place.)
Other administrative expenses
million
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