You invested $12,000 in a mutual fund at the beginning of th…
You invested $12,000 in a mutual fund at the beginning of the year when the NAV was $28.60. Four months later, the fund paid $0.30 in short-term distributions and $0.55 in long-term distributions. If the NAV of the fund at the end of the year was $31.95, what was the percentage effective annual rate of return (EAR) on your investment?