Final answer:
The redemption value of an open-end investment company's shares is based on the NAV computed after the order is received, reflecting current market conditions and ensuring fairness in valuation for redemptions.
Step-by-step explanation:
The redemption value of an open-end investment company's shares is based on the NAV computed after the order is received. This ensures that investors receive a fair value for their shares that reflects the current market conditions at the time of the redemption request. The net asset value (NAV) is calculated daily after the market closes, taking into account the current market value of all the assets in the fund, minus any liabilities, divided by the number of shares outstanding.