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A closed-end investment company has a net asset value of $13.00. A year ago the...

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Finance

A closed-end investment company has a net asset value of $13.00. A year ago the shares sold for a 18 percent discount but that discount has narrowed (that is, declined) to 9 percent. If the company distributed $1.20 a share, what was the return on an investment in the shares before considering commissions on the purchase? Round your answer to two decimal places.

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