***Please help with C. I have already figured A and B, but am continually getting the wrong answer for C.

A mutual fund has 500 shares of General Electric, currently trading at $16, and 500 shares of Microsoft, Inc., currently trading at $22. The fund has 1,200 shares outstanding.

a. What is the NAV of the fund? (Round your answer to 2 decimal places. (e.g., 32.16)) NAV $15.83

b. If investors expect the price of General Electric to increase to $18 and the price of Microsoft to decline to $12 by the end of the year, what is the expected NAV at the end of the year? (Round your answer to 2 decimal places. (e.g., 32.16)) Expected NAV $12.50

c. Assume that the price of General Electric shares is realized at $18. What is the maximum price to which Microsoft can decline and still maintain the NAV as estimated in (a)? (Do not round intermediate calculations.)

ANSWER: Maximum price $_____