The SOMO fund has $65 million in assets at the beginning of the year and...
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Accounting
The SOMO fund has $65 million in assets at the beginning of the year and 5 million shares outstanding throughout the year. Throughout the year assets grow at 11.5%(gross return). The fund has an annual expense ratio of 1.00% and imposes 12b-1 fee on all shares equal to 1.50%. If there are no distributions and no shares issued or redeemed over the year, what is the end-of-year NAV for the SOMO mutual fund?
A. $14.50
B. $14.82
C. $14.30
D. $14.37
E. $14.17
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