1. An investor would like to purchase 400 shares of MSFT at a market price of $28. The brokers MMR is 25%. Dividends are $0.50 paid quarterly.
   1. At what price would the investor receive a margin call? (Ignore interest and transaction costs)
   2. If the share price rises to $36, the investors return would be____
   3. At what price would the investor receive a margin call if the interest rate on the brokers call loan is 9% and the investor has held the shares for six months?
   4. Calculate the investors return if commissions are $30 on both ends of the transaction (buying and selling), interest on the loan is 9% and the investor sells the shares six months after purchase.