An investment fund has the following assets in its portfolio: $53 million in fixed-income securities and $53 million in stocks at current market values. In the event of a liquidity crisis, it can sell its assets at a 90 percent discount if they are disposed of in three days. It will receive 92 percent if disposed of in five days. Two shareholders, A and B, own 6 percent and 8 percent of equity (shares), respectively.

A.

Market uncertainty has caused shareholders to sell their shares back to the investment fund. What will the two shareholders receive if the investment fund must sell all its assets in three days? In five days?