An open-end mutual fund has the following stocks: Stock Shares Stock Price A 6,000 $98 B...
| An open-end mutual fund has the following stocks: |
| Stock | Shares | Stock Price |
| A | 6,000 | $98 |
| B | 33,000 | 19 |
| C | 4,600 | 89 |
| D | 82,500 | 12 |
|
Assume there are 50,000 shares of the mutual fund, and liabilities of $110,000. Assume the fund is sold with a 6.25 percent front-end load. What is the offering price of the fund? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) |
| Offering price | $ |
Homework Answers
Total assets = (6,000 × $98) + (33,000 × $19) + (4,600 × $89) + (82,500 × $12) = $2,614,400
NAV = ($2,614,400 - $110,000) / 50,000 = $50.09
Offering price = $50.09 / (1 – .0625) = $52.43
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