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An open-end fund has a net asset value of $11.40 per share. It is sold with a front-end load of 7%. What is the offering price? (Round your answer to 2 decimal places.)

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abiolataiwo2015

Answer:

$12.26

Explanation:

Calculation for the offering price

Using this formula

Offering Price = Net asset value/1-load

Let plug in the formula

Offering Price= $11.40/1-0.07

Offering Price=$11.40/0.93

Offering Price = $12.26

Therefore the Offering Price will be $12.26

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