The correct answer is B. Fail.
The code in the question is a simple conditional statement that checks the value of the variable grade and assigns a different message to the variable Msg depending on the value of grade. If grade is equal to A, then Msg is assigned the value Excellent. If grade is equal to B, then Msg is assigned the value Very Good. If grade is equal to C, then Msg is assigned the value Good. If grade is equal to D, then Msg is assigned the value Fair. If grade is not equal to any of these values, then Msg is assigned the value Fail.
In this case, the user entered the value d for grade. This means that the ElseIf statement for grade == "D" will be executed, and the value Fair will be assigned to Msg.
The other options are incorrect because they do not correspond to the value of grade that was entered by the user.