Consider a mutual fund with $$250$ million in assets at the start of the year and $10$ million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $$2\mathrm{.}2$ million. The stocks included in the fund's portfolio increase in price by $6\%,$ but no securities are sold and there are no capital gains distributions. The fund charges $12$b$-1$ fees of $1\mathrm{.}00\%,$ which are deducted from portfolio assets at year$-$end.

Required:

What is the fund's net asset value at the start and end of the year?

What is the rate of return for an investor in the fund?