Question: Hello, I need help with the following question. Please demonstrate step-by-step calculations. The New Fund has average daily assets of $2.2 billion last year. The

Hello, I need help with the following question. Please demonstrate step-by-step calculations.

The New Fund has average daily assets of $2.2 billion last year. The fund sold $400 million worth of stock and purchased $500 million during the year. What was its turnover ratio?

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