A Mutual Fund Had Average Daily Assets of $4

question 78

Multiple Choice

A mutual fund had average daily assets of $4.7 billion in 2016. The fund sold $2.2 billion worth of stock and purchased $3.6 billion worth of stock during the year. The fund's turnover ratio is

• A) 37.5%.
• B) 22.6%.
• C) 15.3%.
• D) 46.8%.
• E) 20.7%.