A speculator opened an account with her broker to purchase 5,000 shares of FSLR (First Solar) for $15 each. The initial margin requirement was 60%. The speculator financed the remainder of the purchase by taking out a loan that charges 10% annual interest. A year later the price of FSLR decreased to $10 per share and the stock did NOT pay any dividends. Assume no commissions.

20. What is the rate of return on the investment after one year IF no leverage was used (unlevered long position)?