A mutual fund has 600 shares of General Electric, currently trading at $18, and 600 shares of Microsoft, Inc., currently trading at $35. The fund has 1,500 shares outstanding.

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

If investors expect the price of General Electric to increase to $25 and the price of Microsoft to decline to $19 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))

Assume that the price of General Electric shares is realized at $25. What is the maximum price to which Microsoft can decline and still maintain the NAV as estimated in (a)? (Do not round intermediate calculations.)