Question: Consider a mutual fund with a 6% front load and with $500 million in assets at the start of the year, and 12 million shares

Consider a mutual fund with a 6% front load and with $500 million in assets at the start of the year, and 12 million shares outstanding. If the gross return on assets is 15% and the total expense ratio is 0.7% which will be charged at the end of the year based on the end of year value, The estimated rate of return on the fund for the first year is \%? (two decimal places, for example, 3.41 not 0.034 )

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