An open-ended fund holds three stocks at the end of the business day: 500,000 shares of A valued at $20 each; 100,000 shares of B valued at $10 each; and 200,000 shares of C valued at $15 each plus $1 million in cash. The fund currently has one million shares outstanding. What is the NAV per share? What are the primary advantages and disadvantages of an open-ended fund, relative to a closed-ended fund?

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