Residual value ? Based on top or bottom msrp ?

If the window sticker for example on a m235i shows:

Base MSRP $43,100
Then add:

Tech pckge $2300

Prwmium pckge $2300

Total car cost $ $47,700


Is the residual percentage base off the top msrp base $43,100 or the total bottom price of $47,700 ??