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Consider a fund that charges 5% front-end load. In an average year, the fund's reported return...

Consider a fund that charges 5% front-end load. In an average year, the fund's reported return is 11.5%. What is the average realized annual return to an investor investing in the fund for 3 years?

Hint: it might help to start with  a fixed dollar investment. Choose any number you like.

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