An investor buys 400 shares of stock in a fund when the net asset value is $19.62 and the offer price is $19.84. The investor sells these shares when the net asset value is $43.19 and the offer price is $43.56. Determine the amount of profit the investor earns.

The investor buys at the offer price, so the cost is 400 × $19.84 = $7,936. When selling the shares back to the fund, the investor receives the net asset value: 400 × $43.19 = $17,276. Subtracting the cost from the proceeds gives a profit of $17,276 − $7,936 = $9,340, choice D.

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