What was the net asset value of the fund at the beginning

Question

At the beginning of the year, the composition of the Blackrock mutual fund was as follows:

Stocks              Number of Shares                  Price per share

Invested in

X                      20 million                                $12

Y                      30 million                                $31

Z                      25 million                                $22

W                    15 million                                $20

a) The fund has issued 100 million of its own shares to investors. The fund’s liabilities are the management fees paid to the portfolio manager ($1 million) and research costs ($10 million). What was the net asset value of the fund at the beginning of the year?