One year ago, Super Star Closed-End Fund had a NAV of $10.23 and was selling at a(n) 17% discount. Today, its NAV is $11.73 and it is priced at a(n) 7% premium. During the year, Super Star paid dividends of $0.48 and had a capital gains distribution of $0.85. On the basis of the above information, calculate each of the following.

a. Super Star's NAV-based holding period return for the year.

b. Super Star's market-based holding period return for the year. Did the market premium/discount hurt or add value to the investor's return? Explain.

c. Repeat the market-based holding period return calculation, except this time assume the fund started the year ata(n) 17% premium and ended it at a(n) 7% discount. (Assume the beginning and ending NAVs remain at $10.23 and $11.73,respectively.) Is there any change in this measure of return? Why?