1. Calculate the net asset value (NAV) for a mutual fund with the following values.
Market value of securities held in the portfolio = $1.2 billion
Liabilities of the fund = $37 million
Shares outstanding = $ 60 million
2. At the beginning of last year Thomas purchased 200 shares of the Web.com Fund at an NAV of $26.00 and automatically reinvested all distributions. As a result of reinvesting Thomas ended the year with 265 shares of the fund with an NAV of $32.20. What was his total return for the year on this investment?