The New American Enterprise Mutual Fund's Portfolio Is Valued at $60

question 60

Multiple Choice

The New American Enterprise Mutual Fund's portfolio is valued at $60 million.The fund has liabilities of $2 million,and the investment company sponsoring the fund has issued 2,900,000 shares.What is the fund's net asset value?

• A)$60
• B)$58
• C)$40
• D)$29
• E)$20

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Definitions:

Formalities

Specific procedures or requirements mandated by law or custom that must be observed to validate a legal document, agreement, or transaction.

Fraud

The wrongful or criminal deception intended to result in financial or personal gain.

Per Stirpes

A method of distributing an intestate’s estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would have been entitled.

Distribute

To allocate or spread out resources or goods across different recipients or areas.