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27 May, 22:52

Betty and James Holloway invested $71,000 in the Financial Vision Social Responsibility Fund. The management fee for this fund is 0.60 percent of the total asset value. Calculate the management fee the Holloways must pay.

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  1. 27 May, 22:57
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    The amount of management fee that Holloways will pay would be $426.

    Explanation:

    Mutual fund can be defined as a professionally managed investment fund scheme, which pools money from various investors like retailers, company's, institutions etc to trade in securities (which means buying and selling of securities).

    Given information -

    Investment made by Betty and James Hollways - $71,000

    Management fees -.6%

    Therefore the amount that holloway would pay is $71,000 x. 6%

    =$426
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Home » Business » Betty and James Holloway invested $71,000 in the Financial Vision Social Responsibility Fund. The management fee for this fund is 0.60 percent of the total asset value. Calculate the management fee the Holloways must pay.
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