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John Jones recently opened a margin account with the Evergreen Investment Company. Evergreen currently has a 65% initial margin requirement and a 35% maintenance margin. Mr. Jones initially purchases 300 shares of Micro-Tech stock at $50 per share.
Question a. By how much must the price of Micro-Tech stock decline before a margin call is required?
Question b. If the market price of Micro-Tech falls to $15, how much must Mr. Jones deposit in his brokerage account to maintain the minimum margin requirement?
Question c. If the price of Micro-Tech stock rises to $75 per share. What will Mr. Jones's one-period return be? Ignore commission fees, but assume that an interest rate of 12% on borrowed funds, and assume that no cash dividends were received.
Question d. Recalculate Mr. Jones's annual return assuming that he received a $4 a share cash dividend.
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