Modified Q$3.$ High$-$fee fund charges a $12b-1$ fee of $0\mathrm{.}5\%$ and an expense

ratio of $1\%,$ but no loads. Loaded$-$up fund charges a $10\%$ front$-$end

load, but no annual expense. Assume that the two fund's invest in

identical portfolios of assets. You need to invest in the Loaded$-$up fund

for at least

years to find it more appealing than investing in the

High$-$fee fund.

$3$

$5$

$7$

$10$