Question

When Pete Mills went to withdraw $10,100 from the NFA Mutual fund, he was informed that the fund would charge 6 percent of the amount withdrawn. What is the dollar amount of the withdrawal charge? (Round your answer to 2 decimal places.) Multiple Choice

A. $606.00
B. $6,060.00
C. $60.60
D. $1,212.00
E. $121.20

Answer 1

Option (A) is correct.

Step-by-step explanation:

Given that,

Amount withdraw by Pete Mills = $10,100

Mutual charges on amount withdrawn = 6%

Therefore, the dollar amount of the withdrawal charge;

= Amount withdraw by Pete Mills × Percent charges by mutual fund on withdrawal of fund

= $10,100 × 0.06

= $606.00

Hence, the correct answer is $606.00