Question: Michael notes that a Canadian equity mutual fund has net assets of $34,500,000 and liabilities of $3,200,000. The fund charges a front-end load of 3.8%

Michael notes that a Canadian equity mutual fund has net assets of $34,500,000 and liabilities of $3,200,000. The fund charges a front-end load of 3.8% and carries a management expense ratio of 2.4%. There are currently 2,100,000 units outstanding. Michael would like to purchase 1,000 units.

What approximate fee would he have to pay to purchase this mutual fund?

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