The World Income Appreciation Fund has current assets with a market value of $6.1 billion, 260 million shares outstanding, and a current market price quotation of $25.10. Calculate the front-end load. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Answer and Explanation:

The computation of the front end load is shown below:

But before that first we have to do the following calculations

The NAV of the fund is

= market value of fund ÷ number of outstanding shares

= $6.1 billion ÷ 260 million shares

= $23.46

And,  The current market price quotation is $25.10

So,

Front end load is

= $25.10 - $23.46

= $1.64

Now

Front end load NAV percentage is

= $1.64 ÷ $23.46

= 6.99%

And,

Front end load current market quotation percentage is

=  $1.64 ÷ $25.10

= 6.53%

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