Final answer:
The redemption value of shares in an open-ended investment company is typically based on factors such as the net asset value (NAV) and the buy/sell spread.
Step-by-step explanation:
In an open-ended investment company, the redemption value of shares is typically based on factors such as the net asset value (NAV) and the buy/sell spread. The NAV represents the total value of the company's assets minus its liabilities, divided by the number of outstanding shares. The buy/sell spread is the difference between the buying and selling prices of the shares, which covers transaction costs and helps maintain the liquidity of the investment company.