Question

The value of Mike Jackson’s shares in the New Frontiers Technology Fund is $51,400. The management fee for this particular fund is 0.80 percent of the total asset value. Calculate the management fee Mike must pay this year

Answer 1

$411.2

Step-by-step explanation:

It is simply about finding the 0.80 percent of $51,400

Management Fee to Pay = Total Asset Value X 0.80%

= Total Asset Value X 0.80/100

= $51,400 X 0.80/100

= $51,400 X 0.008

= $411.2

Management Fee to be paid by Mike this year is $411.2