a certain mutual fund has net assets of $1,359,600. one share of this fund has a net asset value of $11.33…

a certain mutual fund has net assets of $1,359,600. one share of this fund has a net asset value of $11.33. how many shares make up the fund?\na. 833\nb. 120,000\nc. 1,359,600\nd. 15,404,268\nplease select the best answer from the choices provided

a certain mutual fund has net assets of $1,359,600. one share of this fund has a net asset value of $11.33. how many shares make up the fund?\na. 833\nb. 120,000\nc. 1,359,600\nd. 15,404,268\nplease select the best answer from the choices provided

Answer

Explanation:

Step1: Recall share - number formula

The number of shares $n$ of a mutual fund is calculated by dividing the total net assets $T$ by the net - asset value per share $v$. The formula is $n=\frac{T}{v}$.

Step2: Substitute values

We are given that $T = 1359600$ and $v=11.33$. So, $n=\frac{1359600}{11.33}$.

Step3: Perform division

$n = 120000$.

Answer:

B. 120,000