A closed-end fund starts the year with a net asset value of $32 premium to $3.50 By year-end, NAV equals S3410. At the beginning of the year, the fund is seling at a 4% NAV By the end of the year, the fund is selling at a 9% discount to NAV. The tund paid year-end distributions of inco me and capital gains of 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) Rate of return b. What would have been the rate of return to an investor who held the same secunties as the fund manager during the year? (Round your answer to 2 decimal places.) Rate of return