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Consider an open-end mutual fund that owns $1.1 billion in equities, $350 million in bonds, and $35 million in cash. They owe $1.85 million in management fees payable at this point in the quarter and they have 39.635 million shares outstanding. What is this fund's NAV?
A
$27.75
B
$37.47
C
$37.51
D
$37.42