FINRA Series 7

Category - Series 7

Which of the following sets of prices is that of a closed-end investment company?
  1. $7.50 $8.10
  2. $10.10 $11.00
  3. $28.14 $27.75
  4. $20.15 $21.85
Explanation
Answer: C - NAV=$28.14 and Asked Price=$27.75. In this case the ask price is less than NAV, which is never true of an open-end investment company.
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