16. Margin and Leverage (LO3, CFA4) Suppose the call money rate is 4.5 percent, and you pay a spread of 2.5 percent over that. You buy 800 shares of stock at $34 per share. You put up

$15,000. One year later, the stock is selling for $48 per share and you close out your position.

What is your return assuming a dividend of $.64 per share is paid?