What is cost basis

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Three years ago, an ETF was initiated with 2 million shares in 12 stocks each with a market value of $18. The ETF originally issued 41 million shares. Last year, Drew purchased 122,000 shares for $21.90 a share. The price has now increased to $27.68 a share, and Drew is considering redeeming his shares. Assume none of the original shares have been sold or redeemed. If Drew redeems his shares, what is his cost basis when he sells the shares? Round the answer to two decimal places.

Reference no: EM133119663

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