The net asset value of stock in a mutual fund had increased by $20 per share when an investor decided to redeem them. The investor had purchased 100 shares of the stock for $2,316 and redeemed them for $4,301. What can you conclude about the fund?

The redemption price was $4,301 ÷ 100 = $43.01 per share. Since the net asset value had increased by $20 per share, its value when purchased was $43.01 − $20 = $23.01. The purchase price was $2,316 ÷ 100 = $23.16 per share, which was $0.15 more than the net asset value at purchase, so the correct choice is that the offer price was $0.15 more than the net asset value when purchased.

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