Calculate the per share Net Asset Value of a closed-end fund given the following information: total market value=$30,000,000; liabilities=$300,000; shares currently outstanding=1,500,000

Select one:

a.NAV=$29.7 million which is the maximum amount available for share redemption

b.Not enough information is provided to answer this question

c.NAV=$20

d.NAV=$19.8

e.A closed-end fund does not have a net asset value (NAV) as its price is determined by demand and supply in the market