A mutual fund has 400 shares of General Electric, currently trading at $20, and 400 shares of Microsoft, Inc., currently trading at $36. The fund has 1,200 shares outstanding. a. What is the NAV of the fund? b. If investors expect the price of General Electric to increase to $24 and the price of Microsoft to decline to $18 by the end of the year, what is the expected NAV at the end of the year? c. Assume that the price of General Electric shares is realized at $24. What is the maximum price to which Microsoft can decline and still maintain the NAV as estimated in (a)