11. How is the net asset value (NAV) of a mutual fund determined? What is meant by the term marked-to-market daily? 12. (a) Suppose today a mutual fund contains 2,000 shares of JPMorgan Chase, currently trading at $64.75; 1,000 shares of Walmart, currently trading at $63.10; and 2,500 shares of Pfizer, currently trading at $31.50. The mutual fund has no liabilities and 10,000 shares outstanding held by investors. What is the NAV of the fund? Calculate the change in the NAV of the fund if tomorrow JPMorgan Chases shares increase to $66, Walmarts shares increase to $68, and Pfizers shares increase to $34. 13. A mutual fund owns 300 shares of General Electric, currently trading at $30, and 400 shares of Microsoft Inc., currently trading at $54. The fund has 1,000 shares outstanding. What is the net asset value (NAV) of the fund? If investors expect the price of General Electric shares to increase to $34 and the price of Microsoft shares to decrease to $46 by the end of the year, what is the expected NAV at the end of the year? 15. Open-end fund A owns 165 shares of AT&T valued at $35 each and 30 shares of Toro valued at $75 each. Closed-end fund B owns 75 shares of AT&T and 72 shares of Toro. Each fund has 1,000 shares of stock outstanding. What are the NAVs of both funds using these prices?