1. You purchased 100 shares of APPL common stock on margin at $160 per share. Assume the initial margin is 60% and the maintenance margin is 25%. You will get a margin call if the stock drops below ________. (Assume the stock pays no dividends and ignore interest on the margin loan.)

2. An investor puts up $20,000 but borrows $30,000 from the broker to invest a total of $50,000. The broker charges 6% on the loan. The stock was originally purchased at $65 per share and in one year the investor sells the stock for $70. A dividend of $1.00 was also paid at the end of the year. The investor's rate of return was ....................

3. You sell short 100 shares of Microsoft which are currently selling at $92 per share. You post the 50% margin required on the short sale. If you earn no interest on the funds in your margin account what will be your rate of return after one year if Microsoft is selling at $95 if (a) no dividend was paid, and (b) if a $1.25 dividends was paid?