A Mutual Fund Had Average Daily Assets of $3

question 53

Multiple Choice

A mutual fund had average daily assets of $3.0 billion in 2018. The fund sold $600 million worth of stock and purchased $700 million worth of stock during the year. The fund's turnover ratio is

• A) 27.5%.
• B) 12%.
• C) 15%.
• D) 25%.
• E) 20%.