Question

Mike Jackson invested a total of $14,800 in the New Colony Pacific Region mutual fund. The management fee for this particular fund is 0.50 percent of the total asset value. Calculate the management fee Mike must pay this year.

Answer 1

$74.00

Step-by-step explanation:

Data provided in the question:

Total amount invested = $14,800

Management fee = 0.50 percent of the total asset value

Now,

Total Asset Value = Amount Invested

Thus,

Total Asset Value = $14,800

Therefore,

Management Fee = 0.50% of $14,800

or

Management Fee = 0.50% × $14,800

or

Management Fee = $74.00