18. One year ago, you purchased 386 shares of a mutual fund when both the offering price and the NAV were $12.60 a share. Today, the NAV is 11.72 and the fund is distributing 51.03 in short-term gains. There is no long-term gain distribution. What is your rate of return to date on this fund? a. -6.99 percent b. -5.96 percent 1.19 percent d. 4.29 percent 6.40 percent c. 19. Mary is buying 100 shares of stock from ALAT, Inc., as part of a new stock issue trading on the NYSE. This sale is occurring in the market primary b. secondary third d. fourth over-the-counter e. 20. offering b. The first time a firm sells shares of stock to the public is called a(n) open-end break-cut public service initial public initial trial d e. 21. An investment banking firm is a company that: provides portfolio management services to a hedge fund. b. manages either a mutual fund or a hedge fund. transacts trades for sharcholders. d. oversees the investments in securities for a financial institution. specializes in finding buyers for newly issued securities. c. e