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grigory [225]
2 years ago
9

Lee Ray bought 250 shares of a mutual fund with a NAV of $13.85. This fund also has a load charge of 7%.

Business
1 answer:
kolezko [41]2 years ago
3 0

Answer: a. $14.9

b. $3725

Explanation:

a. What is the offer price?

This will be calculated as:

= NAV / (1 - load charge %)

= 13.85 / (1 - 7%)

= 13.85 / (1 - 0.07)

= 13.85 / (0.93)

= $14.9

B. What did Lee pay for his investment?

This will be:

= Number of shares bought × Offer price

= 250 × $14.9

= $3725

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