Final answer:
The total investment of a no-load mutual fund is calculated by multiplying the net asset value (NAV) by the number of shares owned, which is represented by expression 3 in the options provided.
Step-by-step explanation:
The correct expression for calculating the total investment of a no-load mutual fund is the net asset value (NAV) multiplied by the number of shares. This is derived from understanding how the value of a mutual fund is assessed. A mutual fund's NAV is the total value of all the securities held by the fund, minus any liabilities, divided by the number of outstanding shares. This value represents the price per share of the fund.
The formula to calculate the total investment in a mutual fund would thus be the NAV times the number of shares an investor owns. This reflects the current market value of the entire investment in the fund. An investor purchasing new shares in a mutual fund would pay the NAV per share, so to get the total investment value, you just multiply that NAV by the number of shares purchased.
Expression 3, 'net asset value x number of shares', correctly represents this calculation, revealing the total market value of an investor's holdings in the mutual fund.