A mutual fund has $45 million in assets at the beginning of the year and 1 million shares outstanding throughout the year. Throughout the year assets grow at 12%. The fund imposes a 12b-1 fee on all shares equal to 1%. The fee is imposed on year- end asset values. If there are no distributions, what is the end-of-year NAV for the fund? (Round final answer to 2 decimal places) O $45.80 O $49.90 O$54.55 $56.12

A mutual fund has $45 million in assets at the beginning of the year and 1 million shares outstanding throughout the year. Throughout the year assets grow at 12%. The fund imposes a 12b-1 fee on all shares equal to 1%. The fee is imposed on year- end asset values. If there are no distributions, what is the end-of-year NAV for the fund? (Round final answer to 2 decimal places) O $45.80 O $49.90 O$54.55 $56.12

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 8FPE

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