The New Fund had average daily assets of $4.2 billion in the past year. New Fund’s expense ratio was 1.7% and the management fee was 1.2%.
a. What were the total fees paid to the fund’s investment managers during the year? (Enter your answer in millions rounded to 2 decimal places.)
Total fees paid $ million
b. What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.)
Other administrative expenses $ million