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The offer price of an open-end fund is $18 and the fund is sold with a front-end load of 5%. What is the fund's NAV?

The offer price of an open-end fund is $18 and the fund is sold with a front-end load of 5%. What is

the fund's NAV?

A. $18.74

B. $17.10

C. $15.40

D. $16.57

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