Pinnacle Fund had year-end assets of $825,000,000 and liabilities of $25,000,000.If Pinnacle's NAV was $32.18,how many shares must have been held in the fund?

Question

Quizplus · Accepted Answer

The net asset value (NAV) of Pinnacle Fund is calculated as follows:
NAV = (Assets - Liabilities) / Number of shares
Therefore, we can rearrange the equation to find the number of shares:
Number of shares = (Assets - Liabilities) / NAV
Number of shares = ($825,000,000 - $25,000,000) / $32.18
Number of shares = $800,000,000 / $32.18
Number of shares = 24,860,161.59
Therefore, the answer is C.

Pinnacle Fund Had Year-End Assets of $825,000,000 and Liabilities of $25,000,000.If