A closed-end fund starts the year with a net asset value of $10. By year-end, NAV equals $12.50. At the beginning of the year, the fund is selling at a 2% premium to NAV. By the end of the year, the fund is selling at a 5% discount to NAV. The fund paid year-end distributions of income and capital gains of $1.50. What is the fund investor's rate of return for the year if the investor bought the fund at the beginning of the year and sold at the end of the year? 14.19% 31.13% 28.65% 19.27%