DUA Mutual Fund has $375 million in assets at the start of the year and 12 million shares outstanding. The Fund invests in a portfolio of stocks that provides dividend income at the end of the year of $4.2 million. The stocks included in the fund's portfolio increase in price by 9%, but no securities ar sold and there are no capital gains distributions. The fund charges 12b-1 fees of 1.25%, which are deducted from portfolio assets at year-end. 22

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

b. What is the rate of return for an investor in the fund at year end?