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

Required:

b$-1.$ If a large investor redeems $2$ million shares, what happens to the portfolio value? $($Enter your answer in dollars not in millions.$)$

Answer is complete but not entirely correct.

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

Answer is complete but not entirely correct.