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A mutual fund had average daily assets of $2.0 billion in 2014. The fund sold...

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A mutual fund had average daily assets of $2.0 billion in 2014. The fund sold $500 million worth of stock and purchased $700 million worth of stock during the year. The funds turnover ratio is A. 27.5%. B. 12% C. 15%. D. 25%. E. 20%

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