5. Calculate the NAV of the following fund if 5,000,000 shares are outstanding. Assuming you bought shares in this fund a year ago at , determine the yield on your investment.

Stock (at current market value) $15,000,000 Bonds (at current market value) $12,000,000 Cash Total value of assets Liabilities Net worth $800,000 $27,800,000 -$ 200,000 $27,600,000

Questions 6–12 trace a sequence of transactions involving a single mutual fund.