You invested $25,000 in a mutual fund three years ago when the NAV of the fund was $38. Today, the NAV has appreciated to $40.22. You've gained an additional 89.32 shares by reinvesting fund distributions. The fund levies a contingent deferred sales charge of 5 percent the first year with the charge decreasing by 1 percent each year. How much money will you receive if you redeem your shares today?