This Question has 4 parts (a d). Please show all work.

4. The Galaxy Fund purchased the following stocks at the start of the year:

Stock	Shares	Stock Price
X	25,000	$100
Y	35,000	$80
Z	20,000	$75
W	15,000	$40

The fund is no load mutual fund with 350,000 shares outstanding at the start of the year and with $8,000,000 in assets and 355,000 shares outstanding at the end of the year. During the year investors have received income distributions of $0.5 per share and short-term capital gain distributions of $0.5 per share. There is no long-term gain distribution. Assume that the fund carries $400,000 of liabilities during the whole year, and that it incurs total expense equal to 1% of its market value of assets at the start of the year. Consider this total expense as an addition to the liabilities of the fund.

(A) What is the total market value of the assets at the start of the year?

(B) What is the NAV at the start of the year?

(C) What is the NAV at the end of the year? Make sure to consider the total expenses.

(D) What is the rate of return on the return during the year?