An open end fund has the following holdings. Stock Shares Stock Price

A 25,000 $90

B 35,000 $28

C 30,000 $45

D 75,000 $25

There are liabilities of $475,000 [salaries, audit fees, etc], and 150,000 shares outstanding. What is the NAV?

a. $95 to $100

b. Less than $80

c. $90 to $95

d. $80 to $85

e. $85 to $90

f. More than $100