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Solution for Personal Financial Planning 14th Edition Chapter 13, Problem 1

by Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
778 Solutions 15 Chapters 63815 Studied ISBN: 9781305636613 Finance 5 (1)

Chapter 13, Problem 1 : 13-1 What is a mutual fund? Why are...

13-1 What is a mutual fund? Why are diversification and professional management so important to mutual funds?

 

Step-By-Step Solution

13-1 A mutual fund is a financial services organization that receives money from its shareholders and invests those funds on their behalf in a diversified portfolio of securities. When investors buy shares in a mutual fund or an ETF, they usually become part owners of a widely diversified portfolio of securities.

The purchasers of mutual funds have turned over their investment funds to the mutual fund in order to obtain both diversification and professional management. The investors will go elsewhere if a mutual fund does not offer these services.

 

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