Travis and Tammy have made the decision to invest in the RDO Balanced Segregated Fund. They provide you with the investment deposit of $15,000 to purchase the fund. You explain to them the details of how the segregated fund will be purchased and its Net Asset Value (NAV) per unit. Which of the following correctly describes the Net Asset Value (NAV) per unit?

• the performance return of the segregated fund
• the calculation that determines the tax cost of the segregated fund
• the price that the segregated fund will be purchased at
• the percentage of management and operating expenses