b) Suppose that your friend Alex is pessimistic about Air New Zealand's stock perfor- mance. Then he sells short 5,000 shares of Air New Zealand at $2.80 per share, and gives his broker $8,000 to establish his margin account. (i) If Alex earns no interest on the funds in the margin account, what will be his rate of return after 1 year if Air New Zealand stock is selling at: (1) $2.50; (2) $2.80; (3) $3.10? Assume that Air New Zealand pays no dividends. [6 marks) (ii) If the maintenance margin is 25%, how high can Air New Zealand's price rise before Alex gets a margin call? [3 marks) (iii) Redo part (ii) in section b), but now assume that Air New Zealand also has paid a year-end dividend of 4.3 cents per share (1 cent = $0.01). [4 marks]