Problem $17-07$

A closed$-$end investment company has a net asset value of $$12\mathrm{.}50.$ A year ago the shares sold for a $20$ percent discount but that discount has narrowed $($that is $10$

percent. If the company distributed $$1\mathrm{.}25$ a share, what was the return on an investment in the shares before considering commissions on the purchase? Round your answer to two

decimal places.

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