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How many shares can be purchased

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Reference no: EM13535453

On January 1, the shares and prices for a mutual fund at 4:00 PM are as follows:

Stock

Shares owned

Price

1

1,000

$1.92

2

5,000

$51.18

3

2,800

$29.08

4

9,200

$67.19

5

3,000

$4.51

Cash

n.a.

$5,353.40

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 are outstanding.

Reference no: EM13535453

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