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The Closed Fund is a closed - end investment company with a portfolio currently worth $ 2 0 0 million. It has liabilities of $

The Closed Fund is a closed

-

end investment company with a portfolio currently worth $

200

million. It has liabilities of $

3

million and

5

million shares outstanding.

Required:

.

What is the NAV of the fund?

.

If the fund sells for $

36

per share, what is its premium or discount as a percent of net asset value?

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