A mutual fund sold $134 million of assets during the year and purchased $148 mil

Question

A mutual fund sold $134 million of assets during the year and purchased $148 million in assets. If the average daily assets of the fund were $416 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 $134 million of assets during the year and purchased $148 million in assets. If the average daily assets of the fund were $416 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

Fund turnover=min( assets sold,assets purchased)/ Average daily assets

=min($134mn,$148mn)/$416

=32.21%

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