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On January 1 the shares and prices for a mutual fund at 4 00 PM are as follows Stock 3 announces record earnings and the price of stock 3 jumps to $32 44 in after-market trading. If the fund

On January 1, the shares and prices for a mutual fund at 4:00 PM are as follows:  Stock 3 announces record earnings, and the price of stock 3 jumps to $32.44 in after-market trading. If the fund (illegally) allows investors to buy at the current NAV, how many shares will $25,000 buy? If the fund waits until the price adjusts, how many shares can be purchased? What is the gain to such illegal trades? Assume 5,000 shares areoutstanding.

Jun 16 2020 View more View Less

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