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The FCC Fund is a closed-end investment company with a portfolio currently worth $300 million. It has an account payable balance of $13 million, and

The FCC Fund is a closed-end investment company with a portfolio currently worth $300 million. It has an account payable balance of $13 million, and 20 million shares outstanding.

a. Compute the NAV of the fund.

b. If the fund sells for $16 per share, what is the premium or discount as a percent of NAV? Compute.

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