A friend of Professor Walker invested in Highflyer mutual fund on January 1, 2017, when its NAV was $51.00. It was purchased with a "back-end load" (also known as a "deferred sales charge (DSC)") starting at 7% and declining by 1% each year thereafter. If the DSC calculation is based on NAV at the time of redemption and the units were worth $64.00 when they were sold on December 31, 2020, what is the price of the units that Professor Walker's friend would receive at the time of sale?

		$64.00
		$51.00
		$61.44
		$53.56