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

Answer:

$411.2

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