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A Mutual Fund with 2000 shares, has the following assets and prices at the end of the day on Monday. Stock Shares owned Price 1

A Mutual Fund with 2000 shares, has the following assets and prices at the end of the day on Monday.

Stock

Shares owned

Price

1

2,000

$14.55

2

4,000

$17.74

3

3,500

$20.28

4

1,500

$25.57

An investor sends the fund a check for $25,000. If there is no front-end load, calculate the new number of shares of the mutual fund. Assume the manager purchases 400 shares of stock 3, and the rest is held as cash.

2613 shares

2699 shares

2652 shares

2120 shares

2238 shares

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