3. You have $20,000 to invest in a mutual fund. You choose a fund with a 3.5% front load, a 1.75% management fee, and a

[answerhappygod]

3. You have $20,000 to invest in a mutual fund. You choose a
fund with a 3.5% front load, a 1.75% management fee, and a 0.5%
12b-1 fee. Assume that the management and 12b-1 fees are charged on
year-end assets for simplicity. The gross annual return on the
fund’s shares was 12.50%. What was your net annual rate of return?
(5 points)