Open-end mutual funds are a type of fund whose shares are issued and redeemed by the investment company at the request of investors. Investors are free to buy and sell at the Net Asset Value (NAV). Calculate the Net Asset Value Per Share (NAVPS) if the current market value of Pharma Mutual Fund is $950 million and the fund has liabilities of $385 million with 15 million shares outstanding. The Net Asset Value Per Share is $__________.

Points: 1

1. $19.57
2. $37.67
3. $15 million
4. $35.56
5. $27.82