The New Fund had average daily assets of $2.2 billion in the past year. If New Fund’s expense ratio was 1.1% and the management fee was 0.7%. a. What were the total fees paid to the fund’s investment managers during the year?
The fees paid to the fund's investment managers during the year would simply be the Management fee of 0.7% of the average daily assets. The expense ratio refers to other adminstrative expenses.
