Assume that Investor A buys some open-end shares at 109% of assetvalue, and Investor B buys closed-end shares at 85% thereof,plus1%commission. Both sets of shares earn and pay 30% of this asset value in, say, four years, and end up with the same value as at the beginning. Investor A redeems his shares at 100%of value, losing the 9%premium he paid. His overall return for the period is 30% less 9%, or 21% on asset value. This, in turn, is 19% on his investment. How much must Investor B realize on his closed-end shares to obtain the same return on his investment as Investor A?