City Street Fund has a portfolio of $$432$ million and liabilities of $$12$ million.

Required:

a$.$ If there are $28$ million shares outstanding, what is the net asset value?

Net asset value

Per share

b$-1.$ If a large investor redeems $2$ million shares, what happens to the portfolio value?

Note: Enter your answer in dollars not in millions.

Portfolio value

to

$$

b$-2.$ If a large investor redeems $2$ million shares, what happens to shares outstanding? Note: Enter your answer in dollars not in millions.

Shares outstanding

to

b$-3.$ If a large investor redeems $2$ million shares, what is the net asset value?

Net asset value

Per share