Eastern States Mutual Fund Sold $85 Million of Assets During

question 8

Multiple Choice

Eastern States Mutual Fund sold $85 million of assets during the year and purchased $92 million of new assets. The average daily assets of the fund were $340 million. What is the fund's turnover rate for the year?

• A) .25
• B) .27
• C) .52
• D) .94
• E) 1.07

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Definitions:

Emigrated

The act of leaving one's country to live in another.

Liberia

A country on the West African coast, established as a colony for freed African American slaves in the 19th century.

National Council

A governing body or assembly that represents a nation, often comprising elected or appointed members who discuss and decide on national issues.

Colored People

An outdated term formerly used to describe people of non-white racial backgrounds, now considered archaic and potentially offensive.