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Explanation:

Using the formula used to calculate a fund's Net Asset Value, the number of a fund's shares can be calculated as:

\text{NAV} = \frac{\text{Market value of assets} - \text{Liabilities}}{\text{Number of outstanding shares}}

\Rightarrow 20 = \frac{(279,000,000 - 43,000,000)}{\text{Number of outstanding shares}}

\Rightarrow \text{Number of outstanding shares} = \frac{(279,000,000 - 43,000,000)}{20} = 11,800,000

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Q.1131 Brighter Market Portfolio had end-year liabilities amounting to $43 million and assets worth $279 million. Given that the fund's NAV was $20, how many shares must have been held in the fund? | Financial Risk Manager Part 1 Quiz - LeetQuiz