1. Your 80-year-old uncle has an estate valued at over $5 million and asked for your advice regarding how to make sure that each of his heirs receive certain assets and that estate taxes are minimized. What steps would you recommend?
2. Global Markets mutual fund has $500 million in total assets, $4 million in liabilities, and 20 million shares outstanding. Find the fund's NAV per share. Round your final answer to four decimals. Do not use the dollar sign when entering your response.
3. Explain why a manufacturer would elect to use a long call strategy instead of a long forward contract to hedge the risk associated with the cost of the raw materials used to manufacture the product.