Melanie is considering purchasing shares in an international bond fund. She has limited her search to one open-end and one closed-end fund. Information on the funds follows:

a. How much would Melanie pay for the open-end fund? How much would she pay for the closed-end fund?
b. Is the closed-end fund selling at a discount or a premium relative to its NAV?
c. Given both funds' similar returns and expense ratios, would you recommend that Melanie purchase the closed-end fund? Why or why not?

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Sales price Annual expenses YTD retum Open-End S12.00 No-load 1.45% 12.00% Closed-End $24.05 $21.95 1.15% 12.50%