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A mutual fund holds $2.8million worth of assets and 560,000number of shares issued at the beginning of the year. The mutualfund has 1.2% operating expenses and 0.5% 12b-1 fees. Expenses andfees are deducted from assets at the end of the year. At the end ofthe year, the assets held by the fund are worth $ 4.4m (beforeexpenses) and there are 800,000 shares outstanding. Just before theend of the year, the fund realized $0.3m capital gains and received$0.2m dividends. What is the reported return on the fund?EXCEL PLEASE
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