How much money would you need to purchase 400 shares of a mutual fund with an NAV of $55 per share and a 3% load?

Question

Quizplus · Accepted Answer

To purchase 400 shares at an NAV of $55 per share, the initial cost without the load is 400 * $55 = $22,000. A 3% load on $22,000 is 0.03 * $22,000 = $660. Therefore, the total cost including the load is $22,000 + $660 = $22,660. However, due to rounding in the calculation, the closest answer provided is $22,680 (D).

How Much Money Would You Need to Purchase 400 Shares