An open end mutual fund owns 200 shares of Nike priced at $130. The fund also

owns 50 shares of Tesla priced at $750, and 1,000 shares of Pepsi priced at $50. The

fund itself has 2,000 of its own shares outstanding.

a. If the fund has no liabilities, what is the NAV of a fund's share?

b. If the fund has $12,000 of liabilities (management fee due to funds manager),

what is the NAV of a fund's share?