CIFC Exam Dumps | Francis wants to redeem his US Asset Allocation Fund as he needs the money for a down payment for a home

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Question 7/80

Francis wants to redeem his US Asset Allocation Fund as he needs the money for a down payment for a home purchase. The current proceeds from the redemption are USD $27,859, and the current CAD/USD exchange rate is 0.7353.
How much will Francis receive in Canadian dollars when he redeems the Funds? Please round your answer to the nearest dollar.

A. $37,888

B. $36,698

C. $42,861

D. $35,859

Correct Answer: A

Explanation
A is correct because Francis will receive $37,888 in Canadian dollars when he redeems the Funds. This is calculated by dividing the current proceeds from the redemption in US dollars by the current CAD/USD exchange rate and rounding to the nearest dollar. That is,

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