(1) Investment: Suppose an investor buys a fund of 20,000 yuan during the issuance period (the establishment period of the offering), and the face value of each fund is 1 yuan, because it needs to pay a subscription fee of 1% (if the subscription is made after the issuance period, the subscription fee is1.2-depending on the amount. The calculation basis is as follows:

① Subscription fee: 20,000 yuan × 1% = 200 yuan.

② Net subscription amount: 20,000 yuan -200 yuan = 1. 98 million yuan.

③ Subscription number: 19800 Yuan÷1.00 =19800 copies.

(II) Output: If the investor wants to sell (also called redemption) all the funds at a certain time in the future, assuming that the net value of each fund unit at that time is 65,438+0.65,438+02 yuan, and 0.5% of the redemption price needs to be paid, then the investor can actually get 22,065.5438+02 yuan, and the calculation basis is as follows:

① Total redemption amount:19800×1.12 yuan = 22 176 yuan.

② Redemption fee: 22 176 yuan× 0.5% =110.88 yuan.

③ Net redemption: 22, 176 yuan-10.88 yuan = 22,065.12 yuan.

(III) Investment income: The investment income after deducting the original investment amount from the fund sales income is 22,065.12-20,000 = 2,065.438+02 yuan.

Its return on investment is (2065.1220,000) × 100% = 10.33%.

However, the above calculation is based on the assumption that the net value of the fund has increased to 1. 12 yuan per share after a period of investment operation. But in the actual operation process, it will be affected by many factors. Therefore, the above example has a large hypothetical component, which is for investors' reference only.