20. Closed-End Funds (LO2, CFA2) The Argentina Fund has $560 million in assets and sells at a

6.9 percent discount to NAV. If the quoted share price for this closed-end fund is $14.29, how

many shares are outstanding? If you purchase 1,000 shares of this fund, what will the total

shares outstanding be now?

20.

($14.29 - NAV) / NAV = -.069; NAV = $15.35

Shares outstanding = $560,000,000 / $15.35 = 36,484,255 (36,482,085 with NAV rounded)

For closed-end funds, the total shares outstanding are fixed, just as with common stock (assuming

no net repurchases by the fund or new share issues to the public).

About ($14.29 - NAV) / NAV = -.069; NAV = $15.35

HOW CAN I GET "NAV = $15.35" ??