Problem:
You purchased 1,000 shares of the New Fund at an NAV of $27 per share at the beginning of the year. You paid a front-end load of 2%. The securities in which the fund invests increase in value by 11% during the year. The fund's expense ratio is 1.0%.
Required:
Question: What is your rate of return on the fund if you sell your shares at the end of the year?
Note: Show all workings.