A mutual fund sold $56 million of assets during the year and purchased $50 milli

Question

A mutual fund sold $56 million of assets during the year and purchased $50 million in assets. If the average daily assets of the fund were $176 million, what was the fund turnover? (Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

A mutual fund sold $56 million of assets during the year and purchased $50 million in assets. If the average daily assets of the fund were $176 million, what was the fund turnover? (Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

Explanation / Answer

Total Assets sold = $56 million

Total assets purchase = $50 million

Average daily assets = $176 million

Fund turn over = $50 / $176

                         = 28.41%

Hence, Fund turnover is 28.41%.

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