Suppose you purchase 5,000 shares of a closed-end mutual fund at its initial public offering; the offer

Question:

Suppose you purchase 5,000 shares of a closed-end mutual fund at its initial public offering; the offer price is $28 per share. The offering prospectus discloses that the fund promoter gets an 8 percent fee from the offering. If this fund sells at a 12 percent discount to NAV the day after the initial public offering, what is the value of your investment?