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25 January, 15:58

A customer of a brokerage firm in liquidation has an individual account with $300,000 in securities. The customer and his wife have a joint account with $500,000 in securities. The wife has an individual account with $300,000 in securities. What will the customers receive under SIPC?

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  1. 25 January, 19:52
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    The correct answer is $1,100,000.

    Explanation:

    According to the scenario, the given data are as follows:

    Customer account = $300,000

    Joint account = $500,000

    Customer's wife account = $300,000

    So, we can calculate the amount that customer receive under SIPC by using the following formula:

    SIPC =

    Under SIPC each account considered as an individual account. A maximum limit cover of $500,000 for cash and security for each individual account.

    So, the amount that can receive by customer is:

    Total Amount = $300,000 + $500,000 + $300,000

    = $1,100,000

    Hence, the total amount that customer receive under SIPC is $1,100,000.
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