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3. The Closed Fund is a closed-end investment company with a portfolio currently worth $325 million. It has liabilities of $80 million and 5 million

3. The Closed Fund is a closed-end investment company with a portfolio currently worth $325 million. It has liabilities of $80 million and 5 million shares outstanding.

a. What is the NAV of the fund? [02]

b. If the fund sells for $45 per share, what is its premium or discount as a percent of net asset value?

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