Lee Ray bought 250 shares of a mutual fund with an NAV of $13.85. This fund also has a load charge of 7%. a. What is the offer price? (Round your intermediate and final answer to the nearest cent.) b. What did Lee pay for his investment? (Round your intermediate and final answer to the nearest cent.)

Lee Ray bought 250 shares of a mutual fund with an NAV of $13.85. This fund also has a load charge of 7%. a. What is the offer price? (Round your intermediate and final answer to the nearest cent.) b. What did Lee pay for his investment? (Round your intermediate and final answer to the nearest cent.)

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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