A closed-end fund starts the year with a net asset value of $15, selling at a 3% premium to NAV. The fund ends the year with a net asset value of $18, selling at a 6% premium to NAV. The fund pays year-end distributions of income and capital gains of $3. Which of the following is the closest return to that earned by investors in the fund during the year? 42.91% 20.65% 50% 23.50% 36.91%