The Closed Fund is a closed-end investment company with a portfolio currently worth $265 million. It has liabilities of $6 million and 4 million shares outstanding. a. What is the NAV of the fund? (Round your answer to 2 decimal places.)

b. If the fund sells for $61 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.)