A closed$-$end fund starts the year with a net asset value of $$31.$ By year$-$end, NAV equals $$33\mathrm{.}00.$ At the beginning of the year, the und 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 $$3\mathrm{.}40.$

Required:

a$.$ What is the rate of return to an investor in the fund during the year? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

$\backslash$table$[[$Rate of return $,(4\mathrm{.}52),\%$