Net Asset Value. Last year David Mc- Cullough of La Junta, Colorado, bought the XYZ mutual fund,

Question:

Net Asset Value. Last year David Mc-

Cullough of La Junta, Colorado, bought the XYZ mutual fund, which has total assets of $240 million, liabilities of $10 million, and 15 million shares outstanding.

(a) What is the net asset value?

(b) If the current price is $18, is this a good deal?

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