Problem $4-21($Algo$)$

Consider a mutual fund with $$219$ million in assets at the start of the year and with $12$ million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $$6$ million. The stocks included in the fund's portfolio increase in price by $7\%,$ but no securities are sold, and there are no capital gains distributions. The fund charges $12b-1$ fees of $0\mathrm{.}50\%,$ which are deducted from portfolio assets at year$-$end.

Required:

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

Note: Enter your answers in dollars rounded to $3$ decimal places.

$\backslash$table$[[,$Net Asset Value,$],[$Start of the year,,Per share$],[$End of the year,,Per share$]]$

What is the rate of return for an investor in the fund?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Rate of return

$\%$