Load vs. No load fund

Is this correct?? I got the first part correct (Open-end fund), for the 2nd part, I came up with an answer of 36.29 (34.50 * 1.052) which wasn’t listed in the answer. ----------------- An investor is contemplating buying a load fund versus a no load mutual fund. She is trying to figure out the actual amount she will have to spend on the load fund. The shares have a net asset value (NAV) of $34.50 and a load of 5.2 percent. Determine which type of fund will always have a share price equal to the NAV and the price she will pay for the load fund. Fund Offering Price A) closed-end $34.50 B) open-end $36.39 C) closed-end $36.39 D) open-end $34.50 Your answer: D was incorrect. The correct answer was B) open-end $36.39 The share price of an open-end fund will always equal the NAV, since the investment company is obligated to redeem shares at any time at current market value. Offering price = $34.50 / (1 – 0.052) = $36.39.

i think it is correct think of it like this from the amount you spend 94.8%goes into purchasing the fund that means that 34.5 represents 94.8%. so 100% would be 34.5/0.948