Consider a mutual fund that manages a portfolio of securities worth 120 million. Suppose the fund owes 4 million to its investment advisers and another $1 million for rent, wages due, and miscellaneous expenses. The fund has outstanding 5 million shares.

The total assets are the value of the securities managed by the fund. $\text{Total Assets} = \$120,000,000$

The total liabilities are the sum of all amounts the fund owes. $\text{Total Liabilities} = \$4,000,000 \text{ (advisers)} + \$1,000,000 \text{ (rent, wages, etc.)} = \$5,000,000$

NAV is calculated by subtracting total liabilities from total assets. $\text{NAV} = \text{Total Assets} - \text{Total Liabilities} = \$120,000,000 - \$5,000,000 = \$115,000,000$

NAV per share is the NAV divided by the number of outstanding shares. $\text{NAV per share} = \frac{\text{NAV}}{\text{Number of Outstanding Shares}} = \frac{\$115,000,000}{5,000,000 \text{ shares}} = \$23 \text{ per share}$

The Net Asset Value (NAV) per share is \boxed{\23}$.