Consider a mutual fund with $$217$ million in assets at the start of the year and with

$20$ million shares outstanding. The fund invests in a portfolio of stocks that

provides dividend income at the end of the year of $$5$ million. The stocks included

in the fund's portfolio increase in price by $6\%,$ but no securities are sold, and there

are no capital gains distributions. The fund charges $12b-1$ fees of $0\mathrm{.}25\%,$ which are

deducted from portfolio assets at year$-$end.

a$.$ What is the net asset value at the start and end of the year? $($Enter you

answers in dollars rounded to $3$ decimal places.$)$

b$.$ What is the rate of return for an investor in the fund? $($Do not round

intermediate calculations. Round your answer to $2$ decimal places.$)$