A mutual fund has $400 million worth of stock, $500,000 in cash, and $1 million in other assets. The fund's total liabilities amount to $3 million. There are 9 million shares outstanding. You invest $12,000 in this fund. How many shares are you purchasing? (Round your answer down to the nearest whole number.)

A mutual fund has $400 million worth of stock, $500,000 in cash, and $1 million in other assets. The fund's total liabilities amount to $3 million. There are 9 million shares outstanding. You invest $12,000 in this fund. How many shares are you purchasing? (Round your answer down to the nearest whole number.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter13: Investing In Mutual Funds, Etfs, And Real Estate

Section: Chapter Questions

Problem 7FPE

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