City Street Fund has a portfolio of $470 million and liabilities of $30 million.

a. If there are 40 million shares outstanding, what is net asset value?

Net asset value $

b-1. If a large investor redeems 4 million shares, what happens to the portfolio value? (Enter your answer in millions.)

Portfolio value (Click to select)increasesdecreases to $ million.

b-2. If a large investor redeems 4 million shares, what happens to shares outstanding? (Enter your answer in millions.)

Shares outstanding (Click to select)increasesdecreases to million.

b-3. If a large investor redeems 4 million shares, what is net asset value?

Net asset value