Lee Ray bought 250 shares of a mutual fund with a NAV of $13.85. This fund also has a load charge of 7%. a. What is the offer price? (Round your intermediate and final answer to the nearest cent.)

b. What did Lee pay for his investment? (Round your intermediate and final answer to the nearest cent.)

a. $14.9

b. $3725

Explanation:

a. What is the offer price?

This will be calculated as:

= NAV / (1 - load charge %)

= 13.85 / (1 - 7%)

= 13.85 / (1 - 0.07)

= 13.85 / (0.93)

= $14.9

B. What did Lee pay for his investment?

This will be:

= Number of shares bought × Offer price

= 250 × $14.9

= $3725

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