Stock 3 announces record earnings, and the price of stock 3 jumps to $32.44 in after-market trading. If the fund (illegally) allows investors to buy at the current NAV, how many shares will $25,000 buy? If the fund waits until the price adjusts, how many shares can be purchased? What is the gain to such illegal trades? Assume 5,000 shares are outstanding. On January 1st, the shares and prices for a mutual fund at 4:00 pm are:

Stock	Shares owned	Price
1	1,000	$ 1.92
2	5,000	$ 51.18
3	2,800	$ 29.08
4	9,200	$ 67.19
5	3,000	$ 4.51
cash	n.a.	$ 5,353.40