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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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