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A mutual fund has 400 shares of General Electric, currently trading at $12, and 400 shares of Microsoft, Inc., currently trading at $42. The fund has 1,000 shares outstanding. a. What is the NAV of the fund? (Round your answer to 2 decimal places. (e.g., 32.16)) NAV $ b. If investors expect the price of General Electric to increase to $25 and the price of Microsoft to decline to $19 by the end of the year, what is the expected NAV at the end of the year? (Round your answer to 2 decimal places. (e.g., 32.16)) Expected NAV $ c. Assume that the price of General Electric shares is realized at $25. What is the maximum price to which Microsoft can decline and still maintain the NAV as estimated in (a)? (Do not round intermediate calculations.) Maximum price $

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