question archive Zack invested $5,500 in a mutual fund with an offer price of $20
Zack invested $5,500 in a mutual fund with an offer price of $20
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Zack invested $5,500 in a mutual fund with an offer price of $20.40 and a net asset value of $10.50. How many shares did Zack purchase? Round to thousandths.
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Answer:
Invested amount = 5,500
Offer price = 20.40
Net asset value = 10.50
Total value of each share = 20.40 + 10.50 = 30.90
So number of shares = 5500 / 30.9 = 177.993
After doing round to thousandths = 177.99
