QUESTION 1 Assume that you have just purchased some shares in an investment company reporting $240 million in assets, $20 million in liabilities, and 4 million shares outstanding. What is the net asset value (NAV) of these shares? QUESTION 2 Ryan's portfolio generated a return of 13.7% last year when T-bills were paying 4.5%. If the standard deviation of the portfolio was 25%, this portfolio had a Sharpe ratio of QUESTION 3 Both investors and gamblers take on risks. The difference between an investor and a gambler is that an investor requires a risk premium to take on the risk. O True O False QUESTION 4 Which of the following statements is NOT true? O Closed-end funds mostly trade at a discount to their NAV. Index funds have a higher turnover ratio than actively managed funds. O Fees can have a big effect on mutual fund performance. O ETFs can be sold short or purchased on margin