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Fundamental Problems with Worked Solutions 1. If a mutual fund has $165 million in assets, $10 million in accrued liabilities, and 2.5 million shares outstanding, what is the net asset value (NAV) of a share? 2. You purchase a mutual fund for $17.23. The fund's NAV is $17.00. (The load fee was $0.23.) The NAV subsequently rises to $21.56 and you redeem the shares. What is the percentage return on your investment? 3. You purchase a no-load mutual fund for its NAV of $17.00. The fund distributes $2.13 per share and the NAV rises to $21.56 at which time you redeem the shares. What is the percentage return on your investment? 4. A mutual fund generates a 10.8 percent return. During the same period, the market rose by 8.8 percent. If the risk-free rate was 2 percent and the fund had a beta of 1.2, did the fund outperform the market? 5. A mutual fund generates a 10.8 percent return. During the same period, the market rose by 8.8 percent, and the risk-free rate was 2 percent. The standard deviations of the market return and the fund's return were 20 and 25 percent, respectively. The fund's beta was 1.2. Did the fund outperform the market based on the Sharpe and Treynor indexes