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Consider a mutual fund with a gross annual return of 20% based on start-of-year and...

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Consider a mutual fund with a gross annual return of 20% based on start-of-year and end-of-year net asset values. The fund charges 5% of the end-of-year net asset value as its fee. Assume there is no income or capital gain or any interim distribution. Assume there is no other fee. What is the net return to investors? 14% 15% 16% 17%

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