2. (a) A mutual fund portfolio is worth S214 million. The fund owes $3 million to its investment advisers and owes another S1 million for rent, wages and other expenses. There are 30 million shares outstanding. Calculate the net asset value (NAV: S) per share. (b) The Summer fund sells Class A shares with a front-end load of 4%, and Class B shares with 12b-1 fees of 0.5% annually as well as back-end load fees that start at 6% and fall by 1% for each full year the investor holds the fund (until the fifth year). Assume that Mary has $20,000 to invest in the class A shares of the Summer fund initially. Also, the NAV of the class A shares is S30/share. How many shares can Mary buy after paying the front-end load fees? (c) In part (b), the rate of return net of operating expenses (not including 12b-1 fees) is 9.5% annually. If John has $20,000 to buy class B shares and he plans to sell all of his shares immediately after 2 full vears, calculate John's account balance (S after paying the back-end load fees