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A mutual fund's NAV is 24 and it has a 3% front-end load. How much must an investor pay if he wants 60 shares? Hint:

A mutual fund's NAV is 24 and it has a 3% front-end load. How much must an investor pay if he wants 60 shares?

Hint: Say 'x' is the amount the investor needs to invest. x times (one minus the front end load) should be enough to buy the 60 shares.

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