A closed-end fund starts the year with a net asset value of $22. By year-end, NAV...

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A closed-end fund starts the year with a net asset value of $22.By year-end, NAV equals $23.10. At the beginning of the year, thefund is selling at a 3% premium to NAV. By the end of the year, thefund is selling at a 8% discount to NAV. The fund paid year-enddistributions of income and capital gains of $2.50.
a.
What is the rate of return to an investor in the fund during theyear? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)
Rate of return %
b.
What would have been the rate of return to an investor who heldthe same securities as the fund manager during the year?(Round your answer to 2 decimal places.)
Rate of return %

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A closed-end fund starts the year with a net asset value of $22.By year-end, NAV equals $23.10. At the beginning of the year, thefund is selling at a 3% premium to NAV. By the end of the year, thefund is selling at a 8% discount to NAV. The fund paid year-enddistributions of income and capital gains of $2.50.a.What is the rate of return to an investor in the fund during theyear? (Do not round intermediate calculations. Round youranswer to 2 decimal places.) Rate of return%b.What would have been the rate of return to an investor who heldthe same securities as the fund manager during the year?(Round your answer to 2 decimal places.) Rate of return%