Using the information provided below, what is the management expense ratio (MER) on this fund as at December 31,
2004?
Net asset value at December 31, 2004 $38,000,000
Average net asset value for the year
ending December 31, 2004 $34,500,000
Aggregate fees and expenses payable during
the year $1,120,000
2.95%
1.12%
3.25%
10.14%