A. An open-end mutual fund has a front-end load of 3%. Its net asset value represents:

the value of one share of the fund.

the amount a professional investor will pay for one share in the fund.

the annualized expenses charged by the fund.

B. Which of the following is true regarding open-end mutual funds?

Shares can be bought on an exchange.

An unlimited number of shares can be issued.

Shares can be purchased any time markets are open.

Shares are traded just like stock.

the price of one share of the fund.