3. Expenses and management of mutual funds Consider two mutual funds, A and B. While each mutual fund generates a return of 7.2%, they have different expense ratios, Mutual fund A has an expense ratio of 2.0%, while mutual fund B has an expense ratio of 26.0%. Mutual fund A generates an actual return of \% (net of expenses), while mutual fund B generates an actual retuin of \%f (net of expenses). All else equal, the difference in actual returns (net of expenses) between the two mutual funds will for longer time horizons. True or False: The SEC requires that the board of any mutual fund is comprised primarily of employees of that mutual fund. True False