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In 2010, Jean-Luc purchased 100 units in the TNG Segregated Fund, which has a 100% maturity guarantee, at a price of $15 per unit. At

In 2010, Jean-Luc purchased 100 units in the TNG Segregated Fund, which has a 100% maturity guarantee, at a price of $15 per unit. At maturity in 2020, Jean-Luc reset the net asset value (NAV) per unit at $16.80. At maturity in 2030, the fund's market value was $14.75. How much will he receive from the issuer?

$1,475 of market value, no maturity guarantee.

$1,475 of market value, plus $205 maturity guarantee.

$1,680 of market value, less $205 of capital loss.

$1,680 of market value, no maturity guarantee.

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