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  3. 3) a closed-end fund starts the year with a net as

3) A closed-end fund starts the year with a net asset value of $12. By...

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3) A closed-end fund starts the year with a net asset value of $12. By year-end, its NAV equals $12.10. At the beginning of the year, the fund is selling at a 2% premium to NAV. By the end of the year, the fund selling at a 0.7% discount to NAV. The fund paid year-end distributions of income and capital gains of $1.50. a) What is the rate of return to an investor who buy at the beginning of the year and sell at the end of the year the closed-end fund in an organised exchange through a broker

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