The New Fund had average daily assets of $3.6 billion in the past year. New Fund’s expense ratio was 2.5%, and its management fee was 2.0%. Required: a. What were the total fees paid to the fund’s investment managers during the year? (Enter your answer in millions rounded to 2 decimal places.) b. What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.)

Telecom co. enters into a two-year contract with a customer to provide wireless service (voice and data) for $40 per month. to induce customers, telecom co. provides a free phone. telecom co. normally sells the phone on a stand-alone basis for $200. telecom co. also charges the customer a one-time activation fee of $35.which of the following is true? a) there are two distinct performance obligations: the voice service and the data service b) the free phone constitutes as a marketing expense c) the activation fee is a separate performance obligationd) there are two distinct performance obligations: the wireless services and the phone