A mutual fund has 400 shares of General Electric, currently trading at $15, and 400 shares of Microsoft, Inc., currently trading at $29. The fund has 1,000 shares outstanding.

a.	What is the NAV of the fund? (Round your answer to 2 decimal places. (e.g., 32.16))

b.	If investors expect the price of General Electric to increase to $20 and the price of Microsoft to decline to $14 by the end of the year, what is the expected NAV at the end of the year? (Round your answer to 2 decimal places. (e.g., 32.16))

c.	Assume that the price of General Electric shares is realized at $20. What is the maximum price to which Microsoft can decline and still maintain the NAV as estimated in (a)? (Do not round intermediate calculations.)