ABC Growth Fund is a closed-end mutual fund with assets of $28 million and liabilities of $19 million. The fund's 3.2 million shares currently sell for $3.5 per share. Which comes closest to the premium or discount as a fraction of the net asset value?

24.6% Premium

24.6% Discount

19.7% Premium

19.7% Discount

Investors benefit from diversification and the economies of scale that pooling the funds from many investors provides.