City Street Fund has a portfolio of $490 million and liabilities of $10 million.

a. If there are 80 million shares outstanding, what is net asset value?

Net asset value $6

b-1. If a large investor redeems 2 million shares, what happens to the portfolio value? (Enter your answer in millions.)

Portfolio value decreases to $_______million.

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

Shares outstanding decreases to $_______million.

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

Net asset value $_____.