The Emerging Growth and Equity Fund is a “low-load” fund. The current offer price quotation for...
The Emerging Growth and Equity Fund is a “low-load” fund. The current offer price quotation for this mutual fund is $14.80, and the front-end load is 1.65 percent.
a. What is the NAV? (Round your answer to 2 decimal places.)
b. If there are 13.2 million shares outstanding, what is the current market value of assets owned by the fund? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
Homework Answers
Current office price = $14.80
Front end load = 1.65%
a. A front end load is a commission paid while making the initial investment in the mutual fund. Since its a cost, current office price quoted needs to be adjusted to this extent to get the NAV. Thus, NAV will equal to current offer price after adjusting the front end load.
Thus, NAV = current offer price * (1-front end load) = $14.8 * (1-1.65%) = $14.5558 or $14.56
b. Number of shares outstanding - 13.2 Million
Current market value = NAV * Number of Shares outstanding = 13,200,000(13.2 Million) * $14.5558 = $192,136,560
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