City Street Fund has a portfolio of $$500$ million and llabilitles of $$20$ million.

Requlred:

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

Answer is complete and correct.

b$-1.$ If a large Investor redeems $3$ million shares, what happens to the portfolio value? $($Enter your answer In dollars not In mIIIlons.$)$

Answer is complete but not entirely correct.

b$-2.$ If a large Investor redeems $3$ million shares, what happens to shares outstanding? $($Enter your answer In dollars not In millions.$)$

Answer is complete but not entirely correct.