A mutual fund had NAV per share of $$37\mathrm{.}50$ on January $1.$ On December $31$ of the same year,

the fund's rate of return for the year was $11\mathrm{.}2\%.$ Income distributions per share were $$1\mathrm{.}07,$ and

the fund had per share capital gain distributions of $$0\mathrm{.}72.$ Without considering taxes and

transactions costs, what the fund's end$-$of$-$year NAV?

a$.$ $$39\mathrm{.}84$

b$.$ $$39\mathrm{.}91$

c$.$ $$40\mathrm{.}02$

d$.$ $$40\mathrm{.}17$

A mutual fund had average daily assets of $$2\mathrm{.}5$ billion in $2018.$ The fund sold $$550$ million

worth of stock and purchased $$820$ million worth of stock during the year. What is the fund's

turnover ratio? $($Hint: Mutual fund turnover $=$ minimum of assets purchased and assets sold $/$

average daily assets. Minimum of assets purchased and assets sold means choose the lesser of

assets purchased or assets sold.$)$

a$.22\%$

b$.23\%$

c$.24\%$

d$.25\%$