The Emerging Growth and Equity Fund is a “low-load” fund. The current offer pric

Question

The Emerging Growth and Equity Fund is a “low-load” fund. The current offer price quotation for this mutual fund is $29.24, and the front-end load is 1.8 percent.

If there are 23.8 million shares outstanding, what is the current market value of assets owned by the fund? (Do not round intermediate calculations and round market value answer to the nearest whole dollar. Omit the "$" sign in your response.)

The Emerging Growth and Equity Fund is a “low-load” fund. The current offer price quotation for this mutual fund is $29.24, and the front-end load is 1.8 percent.

Explanation / Answer

NAV = Offer price + Front end load = $29.24 + (1.8% of $29.24) = $29.77

Market Value of asset = 23.8 million shares * $29.24 = $69,59,12,000

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