Please show all work and equations as needed.

. Investors in closed-end funds who wish to liquidate their positions must A. sell their shares through a broker. B. sell their shares to the issuer at a discount to net asset value C. sell their shares to the issuer at a premium to net asset value. D. sell their shares to the issuer for net asset value. E. hold their shares to maturity. 2. The Yachtsman Fund had NAV per share of S36.12 on January 1,2016. On December 31 of the same year, the fund's NAV was S39.71. Income distributions were $0.64, and the fund had capital gain distributions of $1.13. Without considering taxes and transactions costs, what rate of return did an investor receive on the Yachtsman Fund last year? A. 22.92% B. 17.68% C. 14.39% D. 18.52% E. 14.84%