a closed-end fund starts the year with a net asset value of $30. by year-end, nav equals $31.90. at the beginning of the year, the fund is selling at a 2% premium to nav. by the end of the year, the fund is selling at a 7% discount to nav. the fund paid year-end distributions of income and capital gains of $3.30. required: a. what is the rate of return to an investor in the fund during the year? (do not round intermediate calculations. round your answer to 2 decimal places.) b. what would have been the rate of return to an investor who held the same securities as the fund manager during the year? (round your answer to 2 decimal places.)