25) You invested $9,000 in a mutual fund when the offering price was $31.50 and the NAV was $30.20. This purchase was made one year ago today. Today, the fund distributed a total of $1.55 in long-term gains and $0.85 in short-term gains. The current offering price is $33.42 and the NAV is $32.08. What is your return for the year?

A) 4.35 percent

B) 6.37 percent

C) 7.58 percent

D) 9.46 percent

E) 10.80 percent

26) Alex invested $10,000 in a mutual fund two and one-half years ago when the NAV of the fund was $25. Today, the NAV has risen to $28.30. Since the time of his original investment, Alex has obtained an additional 54.36 shares by reinvesting the fund distributions. The fund charges a contingent deferred sales charge of 6 percent the first year with the charge decreasing by 1 percent each year. How much money will he receive if he redeems his shares today?

A) $11,633.78

B) $11,930.52

C) $12,344.05

D) $12,858.39

E) $13,501.31

27) Alcorn Metals just sold 1.5 million shares through an IPO offering. The shares were offered at $31.50 a share and all shares were sold. The firm received a total of $50,200,000 for this issue. What was the spread?

A) 5.49 percent

B) 6.24 percent

C) 6.40 percent

D) 7.00 percent

E) 7.12 percent

28) Mason Materials is offering 800 shares in a Dutch auction IPO. The following bids have been received:

Bidder	Quantity	Price
A	200	$	28
B	300		27
C	100		27
D	500		26
E	900		25

How many shares will be allocated to Bidder A?

A) 0

B) 80

C) 125

D) 145

E) 200