A mutual fund has $40 million in assets at the beginning of the year and 2 million shares outstanding throughout the year. Throughout the year assets grow at 10% annually. The fund imposes a 12b-1 fee on all shares equal to 1% annually. The front-end fee of the fund is 4%. The fee is imposed on year-end asset values. If there are no distributions, what is the NAV for the fund at the end of the second year