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ikadub [295]
3 years ago
7

A sector fund specializing in commercial bank stocks had average daily assets of $3.7 billion during the year. This fund sold $1

.58 billion worth of stock during the year, and its turnover ratio was .42. How much stock did this mutual fund purchase during the year
Business
1 answer:
Alex_Xolod [135]3 years ago
7 0

Answer:

$1.554 billion

Explanation:

Turnover Ratio = Purchases / Average Inventory

0.42 = Purchases / $3.7 billion

Purchases = $3.7 billion * 0.42

Purchases = $1.554 billion

So, the value of stock that the mutual fund purchase during the year is $1.554 billion

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A financial institution near you advertises itself as especially oriented towards educators and teachers. What is the category t
sergij07 [2.7K]

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Credit union.

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6 0
3 years ago
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Last year's asset turnover ratio was 2.0. Sales have increased by 25% and total assets have increased by 10% since that time. Wh
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Answer: d. 2.27

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