PING Fund Is a New Closed-End That Just Offered Its

Multiple Choice

PING Fund is a new closed-end that just offered its shares to the public. The fund raised $40 million. Each share sold for $60. The fee for the fund promoter was 2.5% of the initial proceeds. What was the value of your initial $20,000 purchase before the shares began trading in the market?

A) $18,400
B) $19,500
C) $20,000
D) $20,500
E) $21,600