A portfolio manager decides to buy 100,000 shares at 9:00 a.m. when the price is $30.10. He sets a limit price of $30.50 for the order. The buy-side trader does not release the order to the market for execution until 10:30 a.m. when the price is $30.15. The fund is charged a commission of 0.02/share and no other fees. At the end of the day, 90,000 shares are executed and RLK closes at $30.85. Execution details are as follows. What is the opportunity cost?

Trades	Execution Price	Shares Executed
Trade 1	30.20	20,000
Trade 2	30.30	30,000
Trade 3	30.40	20,000
Trade 4	30.50	20,000
Total		90,000

		7,500
		9,000
		4,500