8. A closed- end fund starts the year with a net asset value of $25.00. By year- end, NAV equals $26. At the beginning of the year, the fund was selling at a 2% discount t NAV By the end of the year, the fund is selling at a 5% premium to NAVThe fund paid year-end distributions of income and capital gains of S2S. a What is the rate of return to an investor in the fund during the year? b. What would have been the rate of return to an investor who held the same securit the year? ies as the fund manager during