The Druid Fund has a NAV of $9.00 and an offer price of $9.45. We know

The Druid Fund has a NAV of $9.00 and an offer price of $9.45. We know, then, that

A)

Druid is a load fund.
B)

Druid is about to be issued to the public as a no-load fund with a $0.45 offer cost.
C)

shares can be purchased only through a stockbroker.
D)

there is a $0.45 premium paid to investors to buy the shares.

ANSWER

A