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6.A friend of yours purchased some shares in an investment company reporting $240 million in assets, $40 million in liabilities, and 40 million shares outstanding. What is the net asset value (NAV) of these shares? 7.cA no-load mutual fund has $528 million in assets and 16 million shares at the start of the year and with $578 million in assets and 17 million shares at the end of the year. During the year investors have received income distributions of $3.00 per share and capital gain distributions of 45 cents per share. The fund carries no debt (no liabilities), and the total expense ratio is 2.00%, what is the rate of return on the fund? 8. The Investment T Fund is a closed-end investment company with a portfolio currently worth $380 million. It has liabilities of $3 million and 10 million shares outstanding. If the fund sells for $35 a share, what is its premium or discount as a percent of NAV? 9.cA mutual fund has total assets outstanding of $50 million. During the year the fund bought and sold assets equal to $11.50 million. This fund's turnover rate for the year was