(b) A managed fund has $10 million in cash and $90 million invested in securities. It currently has 10 million units outstanding. The net asset value (NAV) of this fund is $10 per unit (NAV = Market value of unitsumber of units = $100m/10 m = $10 per unit). (1) Assume that some of the unit holders decide to cash in their units of the fund. How many units at its current NAV can the fund take back without resorting to a sale of assets? (2 marks) (11) Due to anticipated heavy withdrawals, the fund sells 100,000 shares of XYZ stock currently valued at $50 per share. However, it receives only $40 per share of the XYZ stock. What is the net asset value after the sale? What are the cash assets of the fund after the sale? (2 marks) (111) Assume that after the sale of XYZ shares, 1 million fund units are sold back to the fund. What is the current NAV? Is there a need to sell more securities to meet this redemption