Question
Bill Campbell invested $3,200 and borrowed $3,200 to purchase shares in Kellogg. At the time of his investment, Kellogg stock was selling for $52 a
Bill Campbell invested $3,200 and borrowed $3,200 to purchase shares in Kellogg. At the time of his investment, Kellogg stock was selling for $52 a share. Note: There were no commissions to buy or sell this stock.
How many shares could he buy if he used his $3,200 and borrowed $3,200 on margin to buy Kellogg stock?
Note: Round up your final answer to the nearest whole unit.
Assuming Bill did use margin, sold his Kellogg stock $57 a share, how much profit did he make on his Kellogg investment?
Note: Round up your intermediate value of "Total shares" to the nearest whole unit. Round your final answer to 2 decimal places.
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