Closed-end, exchange-traded, and open-end mutual funds are available today. Describe the differences between each type of fund.
2. What is an expense ratio? Why is it important?
3. In your own words, describe the advantages and disadvantages of mutual fund investments.
4. As part of his 401(k) retirement plan at work, Ken Lowery invests 5 percent of his salary each month in the Capital Investments Lifecycle Fund. At the end of this year, Ken’s 401(k) account has a dollar value of $36,400. If the fund charges a 12b-1 fee of 0.75 percent, what is the amount of the fee?
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