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The New Fund had average daily assets of $2.2 billion in the past year. New Fund's expense ratio was 1.1% and the management fee was .7%.a. What were the total fees paid to the fund's investment managers during the year?b. What were the other administrative expenses?

Respuesta :

Answer: A. $15.4 Million

B. $8.8 million

Explanation:

a. What were the total fees paid to the fund's investment managers during the year?

This will be:

= Average daily assets × Management fee

= $2.2 billion × 0.7%

= $15.4 million

b. What were the other administrative expenses?

The total expense that's incurred for managing the fund will be:

= $2.2 billion × 1.1%

= $24.2 million

Therefore, the other administrative expenses will be:

= $24.2 million - $15.4 million

= $8.8 million

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