2. For one share of Stock IFM, the bid and ask prices are as follows: Bid Ask December 31, 2019 70.00 70.25 December 31, 2020 60.00 60.25 Murphy enters into a short-sale on December 31,2019 for 100 shares. He then closes his position on December 31, 2020. You are given: The broker's commission is $20 on each transaction. As collateral, Murphy is required to deposit the net proceeds received on the short-sale plus a haircut equal to 50% of the net proceeds. Hint: net proceeds include commission fees. The short rebate rate is 4% annual effective. A dividend of $4 per share is paid just before Murphy covers the short position. Calculate Murphy's annual effective yield on the short-sale transaction, assuming no interest is paid on the proceeds of the short-sale. 2. For one share of Stock IFM, the bid and ask prices are as follows: Bid Ask December 31, 2019 70.00 70.25 December 31, 2020 60.00 60.25 Murphy enters into a short-sale on December 31,2019 for 100 shares. He then closes his position on December 31, 2020. You are given: The broker's commission is $20 on each transaction. As collateral, Murphy is required to deposit the net proceeds received on the short-sale plus a haircut equal to 50% of the net proceeds. Hint: net proceeds include commission fees. The short rebate rate is 4% annual effective. A dividend of $4 per share is paid just before Murphy covers the short position. Calculate Murphy's annual effective yield on the short-sale transaction, assuming no interest is paid on the proceeds of the short-sale