A client has $$950,000$ in his RRSP account and $$550,000$ in his non$-$registered account held in nominee name with Tradewell Mutual Funds.

In the event of his dealer, Tradewell Mutual Funds declaring insolvency, what is the total amount the client be eligible to receive from the Mutual Fund Dealers Association of Canada Investor Protection Corporation $($IPC$)?$

The client will not be eligible for any coverage.

The client will be eligible for coverage of $$550,000.$

The client will be eligible for coverage of $$950,000.$

The client will be eligible for coverage of $$1,500,000.$