Suppose you purchase $5,000$ shares of a closed$-$end mutual fund at its initial public offering; the offer price is $$10$ per share. The

offering prospectus discloses that the fund promoter gets a fee of $8$ percent from the offering. If this fund sells at a discount of $7$

percent to NAV the day after the initial public offering, what is the value of your investment?

Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.

Investment value