$(6$pt$)6.$ You contribute $$200$ million into a mutual fund managed by JD Capital.

This mutual fund comes with a $4\%$ front load. At the start of the year, it has $$30$

million liabilities with $5$ million shares outstanding. The fund invests in a portfolio

of stocks that provides dividend income at the end of the year of $$1$ million. The

stocks included in the fund's portfolio decrease in price by $5\%,$ but no securities

are sold, and there are no capital gains distributions. The fund charges $12b-1$ fees

of $0\mathrm{.}50\%,$ operating expense of $1\%$ which are deducted from portfolio assets at

year$-$end. The fund also comes with $4\%$ back load and a very rare performance fee

of $10\%($performance fee is charged on the profits made$).$ Assume no dividend

reinvestment, what is your rate of return since mutual fund inception if sell your

shares after one year?