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Question
The Exploratory Fund is a new closed-end fund which just offered its shares to the public. The fund raised $65 million and each share sold for $10. The fee for the fund promoter was 6.5 percent of the initial proceeds. What was the value of your initial $20,000 purchase before the shares began trading in the marketplace?A. $18,400
B. $18,700
C. $19,100
D. $20,000
E. $21,300
Answer
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