Suppose you purchase 5,000 shares of a closed-end mutual fund at its initial public offering; the offer
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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 an 8 percent fee from the offering. If this fund sells at a 7 percent discount to NAV the day after the initial public offering, what is the value of your investment?
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Related Book For 
Fundamentals of Investments Valuation and Management
ISBN: 978-0078115660
7th edition
Authors: Bradford Jordan, Thomas Miller
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