How much can you sell your units

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Reference no: EM133322598

Question: Two years ago, you bought 1,000 units of a new mutual fund at a price of $10 each. To start, the fund raised a total of $100 million; it has an MER of 2.5%. In the first year, the fund manager made $12 million in gross investment income for the fund. At the start of year 2, investors bought another 1 million units and the current NAV. During the second year, the portfolio manager made a total of $14 million in gross investing profits.

How much can you sell your units for (approximately) at the end of year 2? (Make sure to show your calculations and explain them so that the reader understands them).

Reference no: EM133322598

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