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An open-end fund is set up to charge a load. Its NAV is $8.72 and its offer price is $ 9.25.

(a) What is the dollar value of the load commission?

(b) What percent of the offer price does the load represent?

(c) Do load funds necessarily outperform no-load funds?

(d) How do no-load funds earn a return if they do not charge a commission?

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