The American Fund is a closed-end fund with a portfolio currently worth $150 million. It has liabilities of $3 million and 7 million shares outstanding. Suppose that the American Fund is currently traded at 5% premium.

A. What is the current market price per share of the fund?

B. Suppose that one year later, the portfolio of the American Fund is worth of $173 million, and owes $5 million in liabilities. The fund is then traded at 10% discount. During the one year period, the fund distributed a total of $11.2 million income and capital gains. What is the return for an investor investing in the American Fund during this one year period?