How much money would you need to purchase 400 shares of a mutual fund with a NAV of $55 per share and a 3 percent load? (Round to the nearest dollar.)

Question

Quizplus · Accepted Answer

The total cost of the shares is the NAV per share multiplied by the number of shares plus the load. The load is 3% of the NAV per share multiplied by the number of shares. So, the total cost is:$55 per share x 400 shares + 3% x $55 per share x 400 shares = $22,000 + $3,680 = $22,680

How Much Money Would You Need to Purchase 400 Shares