If an inter places order, the stock will be sold if its price fails to the stated v a n in syster places a order, the stock will be bought if its price rise above the st ated (a) buy stop stop-loss (b) market; limit (c) stop-loss; buy stop (d) limit; market 32. The offer price of an open-end fund is 818 and the fund is sold with a front-end load of 5%. What is the fund's NAV? (a) $18.74 (b) $17.10 (c) $15.40 (d) $16.57 33. Which of the following is not a type of managed investment company? (a) unit investment trusts (b) closed-end funds (c) open-end funds (d) hedge funds 34. Investors who want to liquidate their holdings in a closed-end fund may (a) sell their shares back to the fund at a discount if they wish (b) sell their shares back to the fund at net asset value (c) sell their shares on the open market (d) sell their shares at a premium to net asset value if they wish 35. Consider a mutual fund with $300 million in assets at the start of the year and 12 million shares outstanding. If the gross return on assets is 18% and the total expense ratio is 2% of the year-end value, what is the rate of return on the fund? (a) 15.64% (b) 16% (c) 17.25% (d) 17.5%