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. (Round your answer to 2 decimal places.)

Answer 1

$411.2

Step-by-step explanation:

The value of Mike Jackson's shares in the New frontiers technology fund is $51,400

The management fee is 0.80%

= 0.80/100

= 0.008

Therefore, the amount of management fee that Mike must pay this year can be calculated as follows

Management fee= Total amount of investment × management fee percent

= $51,400×0.008

= $411.2

Hence the management percent fee that Mike must pay this year is $411.2