Consider a mutual fund with $$400$ million in assets at the start of the year and $10$ million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $$1\mathrm{.}8$ million. The stocks included in the fund's portfolio increase in price by $8\%,$ but no securities are sold and there are no capital gains distributions. The fund charges $12b-1$ fees of $1\mathrm{.}00\%,$ which are deducted from portfolio assets at year$-$end.

a$.$ What is the fund's net asset value at the start and end of the year? $($Round your answers to $2$ decimal places.$)$

Answer is complete and correct.

$\backslash$table$[[,$Net Asset Value$],[$Start of the year,$$,40\mathrm{.}00],[$End of the year,$$,42\mathrm{.}95]]$

b$.$ What is the rate of return for an investor in the fund? $($Round your intermediate calculations to $3$ decimal places and final answer to $2$ decimal places.$)$

Answer is complete but not entirely correct.

Rate of return

$7\mathrm{.}83$

$\%$

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