A normal yield curve is a graphical representation of the relationship between the interest rates and the maturities of different fixed income securities. It slopes upward to the right, meaning that longer-term bonds have higher yields than shorter-term bonds. This reflects the fact that investors demand higher compensation for lending money for longer periods of time and taking on more risk. A normal yield curve indicates that investors expect the economy to grow steadily and inflation to remain stable.

Trailer fees are ongoing fees that are paid by mutual fund managers to mutual fund dealers for providing ongoing services to their clients who hold units of their funds. Trailer fees are calculated as a percentage of the value of assets under management (AUM) of the clients who hold units of the fund. Trailer fees are paid out of the management fee that is charged by the mutual fund manager to cover the costs of operating and administering the fund. Therefore, option C is correct regarding mutual fund fees. The other options are incorrect. Option A is false because redemptions are not made from units held by investors to pay trailer fees; rather, trailer fees are paid out of the management fee that is deducted from the net asset value (NAV) of the fund. Option B is false because trailer fees are not only paid to mutual fund dealers when a purchase is made; rather, trailer fees are paid on an ongoing basis as long as the clients hold units of the fund. Option D is false because trading commissions are not paid from the management fee; rather, trading commissions are paid from the trading expense ratio (TER) that reflects the costs of buying and selling securities within the fund.
References: [Mutual Fund Fees Explained | Wealthsimple], [Mutual Fund Fees | GetSmarterAboutMoney.ca],
[Understanding Mutual Fund Fees | Investopedia]

The management expense ratio (MER) represents the total of all management fees and operating expenses charged to the fund, expressed as a percentage of average net asset value.
Operating expense ratio is not a standard measure.
Management fee ratio refers only to the management fee portion.
Trading expense ratio covers only trading commissions.
Therefore, mutual fund investors pay expenses through the MER

According to the life-cycle hypothesis, medium-term goals for clients in their family commitment years (ages
25-50) include education savings for children.
Emergency fund = short-term goal
Down payment on a house = short-term to medium-term, but typically earlier in life-cycle stage Retirement = long-term goal Thus, the correct medium-term financial target is saving for a child's university education.

The availability bias occurs when investors rely on easily available or recent information rather than a thorough analysis. In this case, the investor bases decisions on internet recommendations and stock tips, believing they are accurate, instead of analyzing fundamentals. This clearly matches availability bias.
Endowment bias applies when investors overvalue what they already own.
Representativeness bias applies when investors judge outcomes by stereotypes or past patterns.
Overconfidence refers to excessive faith in one's own knowledge.
Thus, the behavioural bias here is Availability .