Investors' Choice Fund had NAV per share of \$37.25 on January 1, 2009. On December 31 of the same year the fund's rate of return for the year was 17.3%. Income distributions were \$1.14 and

Investors' Choice Fund had NAV per share of \$37.25 on January 1, 2009. On December 31 of the same year the fund's rate of return for the year was 17.3%. Income distributions were \$1.14 and the fund had capital gain distributions of \$1.35. Without considering taxes and transactions costs, what ending NAV would you calculate for Investors' Choice?