Question: 18. Here are the NAVs for a no-load mutual fund that paid no distributions: April 2 NAV=$11.5 Apr 3 NAV=$12.5 Apr 4 NAV=$12.1 Apr 5

18. Here are the NAVs for a no-load mutual fund that paid no distributions:

April 2 NAV=$11.5 Apr 3 NAV=$12.5 Apr 4 NAV=$12.1 Apr 5 NAV=$13.5

What is your return if you buy the fund on April 3 at 7am and sell it on Apr 4 at 8pm?

a. 5.22%

b. 17.39%

c. -3.2%

d. 8%

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