Question: *PLEASE SHOW ALL WORK AND FORMULAS USED* A closed-end fund starts the year with a net asset value of $17.00. By year-end, NAV equals $17.30.

*PLEASE SHOW ALL WORK AND FORMULAS USED*

A closed-end fund starts the year with a net asset value of $17.00. By year-end, NAV equals $17.30. At the beginning of the year, the fund was selling at a 1.5% premium to NAV. By the end of the year, the fund is selling at a 6% discount from NAV. The fund paid year-end distributions of income and capital gains of $1.90. What is the rate of return to an investor in the fund during the year?

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