An open-end fund is set up to charge a load. Its NAV is $8.72 and its offer price is $ 9.25.
(a) What is the dollar value of the load commission?
(b) What percent of the offer price does the load represent?
(c) Do load funds necessarily outperform no-load funds?
(d) How do no-load funds earn a return if they do not charge a commission?