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Consider a no-load mutual fund with $260 million in assets and 10 million shares at...

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Finance

Consider a no-load mutual fund with $260 million in assets and 10 million shares at the start of the year and with $310 million in assets and 11 million shares at the end of the year. During the year investors have received income distributions of $4 per share and capital gain distributions of $0.20 per share. Assuming that the fund carries no debt, and that the total expense ratio is 1%, what is the rate of return on the fund?

Multiple Choice

23.46%

21.86%

The answer cannot be determined from the information given.

28.10%

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