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FINRA Series 7

Category - Series 7

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A mutual fund with an 8% load and a 1% redemption fee carries a current quote of $6.25 - $6.79. If an investor has tendered his shares for redemption on that basis, the per share price he will receive is approximately:

$6.79
$6.72
$6.25
$6.19

Explanation

Answer: D - $6.19. The fund has a redemption fee of 1%. This is about 6 cents based upon the bid price. Subtracting that from the $6.25 bid results in $6.19.

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FINRA Series 7

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FINRA Series 7

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