For a closed-end fund, the share price is determined by the present value of the investor's expected future payoff, not necessarily by current NAV.

• Current NAV per share = $100
• Expected asset return = 9.0% per year
• Annual management fee = 0.7% per year
• Net growth rate to the investor after fees = 9.0% - 0.7% = 8.3% per year
• Holding period = 6 years

So the expected value in 6 years is:

$$100 \times (1.083)^6 \approx 156.19$$

Discount that back at the expected asset return of 9.0%:

$$\frac{156.19}{(1.09)^6} \approx 96.21$$

Therefore, the most likely fund price per share is $96.21.