You are evaluating a closed-end mutual fund and see that its price is different from its net asset value (NAV). The fund has an expense ratio (ε) of 3.66% and a dividend yield (δ) of 4.00%. The fund has experienced a risk-adjusted abnormal return (α) of 3.62%. By what amount (premium or discount) is the fund likely to trade relative to its NAV?

Burnley and co., a graphic design firm, has offices in new york, texas, california, new mexico, and new jersey. each of these offices is headed by a president who reports directly to emma burnley, the ceo. the heads of the centralized hr, finance, and marketing teams report to emma burnley as well. managers in the various offices also report to the ceo directly. based on this information, which of the following statements is most likely to be true? a) emma burnley has a wide span of control. b) burnley and co. has a tall hierarchical structure. c) emma burnley is underworked. d) burnley and co. is a mechanistic organization.