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How many shares can be purchased

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On January 1, the shares and prices for a mutual fund at 4:00 PM are as follows:

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Stock 3 announces record earnings, and the price of stock 3 jumps to $32.44 in after-market trading. If the fund (illegally) allows investors to buy at the current NAV, how many shares will $25,000 buy? If the fund waits until the price adjusts, how many shares can be purchased? What is the gain to such illegal trades? Assume 5,000 shares areoutstanding.

Reference no: EM131128308

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