A mutual fund has a beginning balance of $100 million, earns interest of $10 million, receives dividends of $15 million, and has expenses of $5 million. If 10 million shares are outstanding, what is the NAV?
A) $10.50
B) $11.00
C) $12.00
D) $12.50
Answer: C
Explanation: C) ($100 million + $10 million + $15 million - $5 million)/10 million shares = $12
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