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An investor purchases a back-end load fund whose fee starts at 8% in the first...

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Finance

An investor purchases a back-end load fund whose fee starts at 8% in the first year and drops by 1% every year, so that it will be 0% in the ninth year. If the NAVPS is $16.50 at the time of redemption 2 1/2 years later and the company uses the redemption NAVPS in their calculation, what would the redemption price be? $15.68 $15.76 $15.51 $15.35

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