Betty and James Holloway invested $71,000 in the Financial Vision Social Responsibility Fund. The management fee for this fund is 0.60 percent of the total asset value. Calculate the management fee the Holloways must pay.

Question

Business

Charity King

16 September, 17:02

Betty and James Holloway invested $71,000 in the Financial Vision Social Responsibility Fund. The management fee for this fund is 0.60 percent of the total asset value. Calculate the management fee the Holloways must pay.

+5

Answers (1)

Know the Answer?

Danny Collier · Answer 1

The amount of management fee that Holloways will pay would be $426.

Explanation:

Mutual fund can be defined as a professionally managed investment fund scheme, which pools money from various investors like retailers, company's, institutions etc to trade in securities (which means buying and selling of securities).

Given information -

Investment made by Betty and James Hollways - $71,000

Management fees -.6%

Therefore the amount that holloway would pay is $71,000 x. 6%

=$426