Answer:
$13.96.
Step-by-step explanation:
Let x represent price per share at the beginning of the year.
We have been given that the current price per share of Capital Mutual Fund is $15.55. The year to date return is +11.4 percent. This means that current price is 111.4 (100+11.4) percent of price at the beginning of the year.
[tex]111.4\%\text{ of }x=\$15.55[/tex]
[tex]\frac{111.4}{100}*x=\$15.55[/tex]
[tex]1.114x=\$15.55[/tex]
[tex]\frac{1.114x}{1.114}=\frac{\$15.55}{1.114}[/tex]
[tex]x=\$13.958707\approx \$13.96[/tex]
Therefore, the price per share at the beginning of the year was $13.96.
