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Francesca withdrew $7,000 from B shares that she owned in the Already Been Counted mutual fund within one year of her purchase. If she must pay a 5% contingent deferred sales fee, what amount will she actually receive

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jepessoa

Answer:

$6,650

Explanation:

Francesca must subtract the contingent deferred sales fee from the total amount that she will withdraw, so we first calculate the contingent deferred sales fee:

contingent deferred sales fee = $7,000 x 5% = $350

Actual cash received = total amount withdrawn - contingent deferred sales fee = $7,000 - $350 = $6,650

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