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What amount will he pay in deferred sales charges

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Question - Daniel purchased $5,000 worth of units in a mutual fund with a deferred sales charge. The deferred sales charge is based upon the market value at the time of redemption and is calculated as 6% in the first year, and is reduced by 1% each year until it reaches 0% in the seventh year. If the fund grows at an annually compounded rate of 6% over the first 30 months and Daniel decides to sell his units at the end of that period, what amount will he pay in deferred sales charges:

a. $200.00

b. $215.68

c. $231.36

d. $247.04

Reference no: EM133170215

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