__________ are not one of the types of engagements and related forms of conclusions that are defined by the attestation standard
1 answer:
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Answer:
Total Fees = $600
Explanation:
A Mutual Fund is a type of investment that pools funds from many individual investors into a singular investment product.
The fund is managed by a Fund Manager. The Fund Manager applies charges to the fund. The charges are income to the Fund Manager.
Front-end load: This is more like a Sales charge applied on the investment amount at the point of buying into the Fund.
Back-end load: This charge is applied on the redemption amount. It is meant to discourage the investor from withdrawing early form the Fund.
Annual fees: This are yearly charge applied on the investment amount.
Calculation:
Front-end load: $0 [Because the rate is 0%]
Back-end load:[2% of 20000] × 20000 = $400
Annual Charge: [1% of 20000] × 20000 = $200
Total Fees: [$400 + $200] = $600.