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Frederic recently sold his units in a US dollar (USD) denominated mutual fund.

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Frederic recently sold his units in a US dollar (USD) denominated mutual fund. He wants to convert the proceeds back to Canadian dollars (CAD). If he received proceeds of $1,200 USD from the sale and the exchange rate is $1 CAD for $0.99 USD, how much will Frederic receive in Canadian dollars?

A.

$1-188.00

B.

$1,200.00

C.

$1, 12.12

D.

$1,320.00

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