What is the price of the units

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Question - A friend of Professor Walker invested in Highflyer mutual fund on January 1, 2017, when its NAV was $15.00. It was purchased with a "back-end load" (also known as a "deferred sales charge (DSC)") starting at 7% and declining by 1% each year thereafter. If the DSC calculation is based on NAV at the time of redemption and the units were worth $24.00 when they were sold on December 31, 2021, what is the price of the units that Professor Walker's friend would receive at the time of sale?

a. $24.00

b. $22.32

c. $23.28

d. $24.28

Reference no: EM133123734

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