What is the formula for calculating the net asset value (NAV) of a fund?
1) (Assets - Liabilities) ÷ Number of Shares Outstanding
2) There is no formula, since the NAV is based on supply and demand for the fund's shares.
3) (Current Assets - Current Liabilities) ÷ Current Assets
4) (Fund Return - Risk-Free Rate) ÷ Standard Deviation of Returns