SIE Exam Question 473: Answer and Explanation

Question: 473

An investor wires $10,000 into his mutual fund on Tuesday, March 11, and the money is credited to his account at 3 p.m. He will be the owner of record on:

  • A. Tuesday, March 11.
  • B. Wednesday, March 12.
  • C. Tuesday, March 18.
  • D. Friday, March 14.

Correct Answer: A

Explanation:

A: New shares will be created for the investor as soon as the mutual fund company receives the money. The investor becomes an owner of record on that day.

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