The Exploratory Fund Is a New Closed-End Fund Which Just

question 13

Multiple Choice

The Exploratory Fund is a new closed-end fund which just offered its shares to the public. The fund raised $66.5 million and each share sold for $10. The fee for the fund promoter was 5.75% of the initial proceeds. What was the value of your initial $22,000 purchase before the shares began trading in the marketplace?

• A)$18,400
• B)$18,700
• C)$19,100
• D)$20,000
• E)$20,735