The Equity Fund sells Class A shares with a front-end load of 6% and Class B shares with 12-1 fees of 1.0% annually as well as redemption fees that start at 5% and fall by 1% for each full year the investor holds the portfolio (until the fifth year). Assume the rate of return on the fund portfolio is 10% annually. What will be the value of $10,000 investment in Class A and Class B shares if the shares are redeemed after:
a. 1 year?
b. 4 years?
c. 8 years?