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(3) Ursula sells short $2,400 of a stock. Her broker requires a margin of 7%. The stock does not pay any dividends for the year

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(3) Ursula sells short $2,400 of a stock. Her broker requires a margin of 7%. The stock does not pay any dividends for the year that she holds the stock, the repurchase price to cover the short sale is $2,012, and her yield is 34%. If the interest rate on the margin account is 6%, find the margin requirement

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