The Closed Fund is a closed$-$end investment company with a portfolio currently worth $$305$ million. It has

liabilities of $$5$ million and $5$ million shares outstanding.

Required:

a$.$ What is the NAV of the fund? $($Round your answer to $2$ decimal places.$)$

Answer is complete and correct.

b$.$ If the fund sells for $$57$ per share, what is its premium or discount as a percent of NAV? $($Input the

amount as a positive value. Do not round your intermediate calculations. Round your answer to $2$

decimal places.$)$

Answer is complete but not entirely correct.