1. Create a spreadsheet model similar to Table 12.2 (P. 498) for the attached spreadsheet, Nifty Kool Mutual Fund.xls. You must find the NAV at the beginning of 2017 and 2018 and the NAV at the end of each year.

2. Find the holding period return before taxes for each year.

3. Assume an investors personal income tax bracket is 39.4% and that she is subject to a capital gains tax of 25%. Find both the investors return after taxes on distributions and return after taxes and distributions and sale of fund assets for each year.

	2018	2017	2016
NAV ((Beginning of the period)			36.25
Net investment income	0.81	0.72	0.6
Net Gains on Securites	5.25	3.25	-3.75
Dividends from investment income	0.61	0.55	0.52
Distributions from realized gains	1.75	2.03	1.55