Larry Bander purchased 280 shares of the New Horizons Growth Fund.The net asset value for each share at the time of purchase was $27.If this fund charges a 3.5 percent load, what is the commission amount he will pay the investment company?

Question

Quizplus · Accepted Answer

The commission amount is calculated as 3.5% of the total investment. The total investment without the load is 280 shares * $27 = $7,560. The load (commission) is 3.5% of $7,560, which is 0.035 * $7,560 = $264.60.

Larry Bander Purchased 280 Shares of the New Horizons Growth