What amount will Tim receive upon redeeming his segregated fund investment, assuming he incurs no redemption fees?

In the context of redeeming segregated fund investments, the amount Tim receives upon redemption depends on the particular features and guarantees associated with those investments. If there are no redemption fees and we assume that the market value is accessible for redemption, Tim will receive the current market value of his investment.

Choosing the current market value reflects the performance of the underlying assets within the segregated fund up to the point of redemption. If the fund's investments have gained value, Tim would benefit from that appreciation, which is why the current market value is a critical aspect to consider.

In segregated funds, while there may be guarantees that protect the investor against loss (like the maturity or death benefit guarantees), if the redeemable amount exceeds the guaranteed amounts based on market conditions, Tim will take home the higher amount, which aligns with the current market value.

Hence, if $95,000 represents the current market value of his investment, it accurately represents Tim's potential earnings upon redeeming his segregated fund investment, given the absence of associated costs or restrictions.