The Closed Fund is a closed-end investment company with a portfolio currently worth $280 million. It has liabilities of $4 million and 5 million shares outstanding.

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

NAV $ _____

b. If the fund sells for $52 per share, what is its premium or discount as a percent of NAV? (Input the amount as a positive value. Round your answer to 2 decimal places.)

The fund sells at an _____ % (premium) or (discount) from NAV.