Consider a mutual fund with $211 million in assets at the start of the year and with 20 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $3 million. The stocks included in the fund's portfolio increase in price by 7%, but no securities are sold, and there are no capital gains distributions. The fund charges 12b-1 fees of 1.00%, which are deducted from portfolio assets at year-end.

a.What is net asset value at the start and end of the year?(Enter your answers in dollars rounded to 3 decimal places.)

Net Asset Value

Start of the year

$End of the year

b.What is the rate of return for an investor in the fund?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

Rate of return%