Problem $4-17($Algo$)$

A closed$-$end fund starts the year with a net asset value of $$25.$ By year$-$end, NAV equals $$26\mathrm{.}40.$ At the beginning of the year, the fund is selling at a $3\%$ premium to NAV. By the end of the year, the fund is selling at a $8\%$ discount to NAV. The fund paid year$-$end distributions of income and capital gains of $$2\mathrm{.}80.$

Required:

a$.$ What is the rate of return to an investor in the fund during the year?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Rate of return $,\%$

b$.$ What would have been the rate of return to an investor who held the same securities as the fund manager during the year? Note: Round your answer to $2$ decimal places.

Rate of return

$\%$