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Consider a mutual fund that manages a portfolio of securities worth $ 1 2 0 millionSuppose the fund owes 4 million to its investment advisers

Consider a mutual fund that manages a portfolio of securities worth $

120

millionSuppose the fund owes

4

million to its investment advisers and another $

1

million for rent wages due, and miscellaneous expenses. The fund has

5

million shares outstanding. What is net asset value?

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