You are considering the purchase of shares in a closed-end mutual fund. The NAV is equal to $22.50 and the latest close is $20.00. is this fund trading at a premium or discount? How big is the premium or discount?

The fund is trading at a ______ because the market is ______ the NAV

The premium (or discount) is ____% (round to two decimal places. Enter a premium as a positive number and a discount as a negative number)