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  3. at the beginning of the year, a mutual fund with 1

At the beginning of the year, a mutual fund with 1 million shares has a...

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Accounting

At the beginning of the year, a mutual fund with 1 million shares has a NAV of $15. At the end of the year, value of the assets held by the fund increases to $17 million but the fund accrues expenses of $1 million. The assets in the fund also pay a dividend of $2 million. Assuming the number of shares in the fund remain the same, which of the following is closest to the return on the mutual fund over this period of time?

0%

25%

20%

15%

18%

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