The Exploratory Fund Is a New Closed-End Fund Which Just

The Exploratory Fund is a new closed-end fund which just offered its shares to the public. The fund raised $66.5 million and each share sold for $10. The fee for the fund promoter was 5.75% of the initial proceeds. What was the value of your initial $22,000 purchase before the shares began trading in the marketplace?

A) $18,400
B) $18,700
C) $19,100
D) $20,000
E) $20,735

Correct Answer:

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