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What is his cost basis when he sells the shares

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Question - Three years ago, an ETF was initiated with 3 million shares in 14 stocks each with a market value of $17. The ETF originally issued 47 million shares. Last year, Drew purchased 184,000 shares for $21.43 a share. The price has now increased to $27.22 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?

Reference no: EM133166027

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