Ted Paulson needed money to pay for unexpected medical bills. To obtain $8,000, he decided to sale

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Ted Paulson needed money to pay for unexpected medical bills. To obtain $8,000, he decided to sale some of his shares in the Ridgemoor Capital Appreciation Fund. When he called the investment company, he was told that the following fees would be charged to sell his “B” shares:

First year...........................5 percent withdrawal 

fee Second year.........4 percent withdrawal fee 

Third year...................3 percent withdrawal fee 

Fourth year.................2 percent withdrawal fee 

Fifth year.....................1 percent withdrawal fee

If he has owned the fund for 21 months and withdraws $8,000 to pay medical bills, what is the amount of the contingent deferred sales load?

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Personal Finance

ISBN: 978-1259720680

12th edition

Authors: Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Melissa Hart

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