Problem:
You pay $10,000 to the Laramie Fund which has a NAV of $10.00 per share at the beginning of the year. The fund then deducted a front-end load of 1%. Over the next 5 years the fund portfolio return before operating expenses will be 4%/year.
Required:
Question: If the annual operating expenses will be 1.5%, what is your investment worth at the end of 5 years?
Note: Please show guided help with steps and answer.