Two years ago, you bought 1,000 units of a new mutual fund at a price of $10 each. To start, the fund raised a total of $100 million; it has an MER of 2.5%. In the first year, the fund manager made $12 million in gross investment income for the fund. At the start of year 2, investors bought another 1 million units and the current NAV. During the second year, the portfolio manager made a total of $14 million in gross investing profits. 

How much can you sell your units for (approximately) at the end of year 2?

Answer rating: 100% (QA)

To calculate the value of your units at the end of year 2 we need to take into account the investmen... View the full answer