uity funds D. money market funds regulato A. Securi ties and Exchange Commission urity Investors Protection Commission C. Federal Reserve System th ubend investment company shares is determined at any point in time by B, the value of the underlying shares owned by the company C. the demand for the investment company's shares D. Answers B and C only 20. The NAV of a closed- shares is 21. An $50. open-ended fund has stocks of three companies: 200 shares of IBM currently valued at 00, 100 shares of GE currently values at $20 and 100 shares of Digital currently valued at 530. The fund has 500 shares outstanding. What is the net asset value (NAV) of the fund? A. $30.00 B. $60.00 C. $120.00 D. $12.00 22. 12b-1 fees A. are determined as a small percentage of the fund's investable assets B. are annual fees to cover distribution and marketing costs of the fund C. have been approved by the SEC D. All of the above 23. Ignoring investment income, a profitable insurance line has a combined ratio A. less than 100%. B. greater than 100%. C. equal to 100%. D, equal to 100% minus LAE. 24The Hurtford Insurance Company had premiumincome of $185 million on an insurance line paid claims of S155 million, and had LAE of $50 million. Was the line profitable? A. Yes, the combined ratio is 0.90. B. No, the combined ratio is 0.90. C. Yes, the combined ratio is 1.11. D. No, the combined ratio is 1.11. 25. Open-end mutual funds guarantee A. investors a minimum rate of return